Feds Delay Tax Deadline From April 15th To July 15th

This content was originally published by the Longmont Observer and is licensed under a Creative Commons license.

The US Treasury Department has delayed the federal tax season by 90 days.

Steven Mnuchin, US Treasury Secretary announced taxpayers can delay paying their income taxes on up to $1 million in taxes owed for up to 90 days.

Taxpayers are getting a three-month reprieve to pay income taxes for 2019. As part of the COVID-19 response which should provide individuals, as well as many pass-through entities and small businesses some financial releif.

There will be no interest or penalties levied during the 90 day period.

Corporate filers will get the same extra time to file on up to $10 million in taxes owed.

If individuals are due a refund, they are encouraged to file as soon as possible to get their refund. "We encourage those Americans who can file their taxes to continue to file their taxes on April 15" Mnunchin said. "Because for many Americans, you will get tax refunds".

The IRS says the average tax refund so far this year is slightly over $3,000 and they have already processed over 65 million income tax returns.

Colorado has not officially announced a policy extending time for filing taxes, however, you can get an automatic Colorado State Income Tax Extension to October 15th by filing for the extension. For more information Click Here.