- Due to the Coronavirus the IRS is delaying all tax payments by 90 days
The Coronavirus is causing severe economic losses, both due to global markets crashing and governments forcibly quarantining people and businesses, and in order to alleviate some of the monetary pressure the United States Internal Revenue Service (IRS) has decided to delay tax payments by 90 days, from April 15 until July 15. Therefore, all crypto tax payments are delayed by 90 days as well.
Notably, taxes still have to be filed by April 15, its just payments will not be due until 90 days later. That being said, it is easy to get a 6 month filing extension.
This news is particularly favorable for crypto traders, since the crypto markets were generally bullish in 2019, and therefore numerous crypto traders made substantial amounts of money. However, in the past month crypto markets have crashed, possibly wiping out much of 2019’s gains for a lot of traders. Therefore, this 90 day tax delay is a much needed break for crypto investors and traders who have just experienced major losses.
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