Due to the economic impact, the Coronavirus (COVID-19) has on small business owners, Treasury Secretary Steven Mnuchin has announced that individual taxpayers who owe up to a million dollars in federal taxes can defer paying until July 15.

If you have already scheduled a direct debit for your tax payment, follow the instructions below to cancel and reschedule your tax debit date.

Once your return is accepted, information pertaining to your payment, such as account information, payment date, or amount, cannot be changed. If changes are needed, the only option is to cancel the payment and choose another payment method.

• Before you call, make sure you have all of the information that you need:
  – An Individual Taxpayer Identification Number (ITIN) letter if you don’t have a Social Security number (SSN)
  – Filing status – Single, Head of Household, Married Filing Joint or Married Filing Separate
  – The amount of your federal tax payment
• Call IRS e-file Payment Services at 1-888-353-4537 to inquire about canceling your payment, but please wait for 7 to 10 days after your return was accepted before calling.
• Cancellation requests must be received no later than 11:59 p.m. ET two business days prior to the scheduled payment date.

For guidance on IRS or other tax matters, please contact Lee Schmidt or other members of the A. L. Schmidt CPA Tax Practice.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances