The IRS has extended tax filing and payment deadlines. The federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. Most states (including California) are expected to follow suit if they haven’t already. If you can stomach it, the IRS has created a special Coronavirus page with critical updates.
What this means for you: Your 2019 taxes will still need to be prepared and filed, and your tax due will still need to be paid. However, you have a 90-day reprieve on gathering information and managing cash flow during this time.