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IRS Releases Guidance on Tax Extension

The IRS has released formal guidance announced §1.1502-1,

“Americans should file their tax returns by April 15 because many will receive a refund.  Those filing will be able to take advantage of their refunds sooner,” he said. “This deferment allows those who owe a payment to the IRS to defer the payment until July 15 without interest or penalties. Treasury and IRS are ensuring that hardworking Americans and businesses have additional liquidity for the next several months.”