If you owe Uncle Sam less than $1 million, April 15 is no longer your tax-payment deadline this year. Treasury Secretary Steven Mnuchin on Tuesday announced a COVID-19 delay that the Wall Street Journal calls "unprecedented." Those individuals, as well as businesses that owe no more than $10 million, will have an additional 90 days to pay their 2019 income taxes. CNBC notes that no interest or penalties will be incurred over the 90 days. If you're owed money, Mnuchin noted that tax refunds will continue to be issued. A line from Mnuchin: "We are going to use all the tools we have. And what tools we don’t have, we're going to go to Congress."
Some media outlets are reporting that this is a payment-only delay and that taxes must still be filed by April 15 while others are reporting that the filing deadline, too, is being extended. Mnucin's official comment on the matter: "We encourage those Americans who can file their taxes to continue to file their taxes on April 15. Because for many Americans, you will get tax refunds." Business Insider says "it's unclear at this time whether the IRS will officially extend that filing deadline as well." In terms of state taxes, each state is taking its own approach; the American Institute of Certified Public Accountants is keep tracking of state-by-state tax developments here. (Read more Tax Day stories.)