The Internal Revenue Service (IRS) today issued Notice 2020-17, which officially provides tax payment relief for all taxpayers who owe taxes that otherwise would be due on April 15, 2020. "For an Affected Taxpayer, the due date for making federal income tax payments due April 15, 2020, in an aggregate amount up to the Applicable Postponed Payment Amount, is postponed to July 15, 2020," the guidance explains.

Notice 2020-17 waives the deadline for such tax payments up to $10,000,000 "for each consolidated group (as defined in §1.1502-1) or for each C corporation that does not join in filing a consolidated return." For individuals, the applicable postponed payment amount is up to $1 million.  

"In addition, interest, penalties and additions to tax will accrue, without any suspension or deferral, on the amount of any Federal income tax payments in excess of the Applicable Postponed Payment Amount due but not paid by an Affected Taxpayer on April 15, 2020," the IRS notes.

The four-page text of Notice 2020-17 is posted here.

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