Treasury extends April 15th payment deadline
Treasury Secretary Steven Mnuchin announced today during the White House’s daily coronavirus briefing that individuals and corporations can defer certain tax payments for up to 90 days.
Individuals can defer up to $1 million of tax liability interest and penalty free. According to Mnuchin, the reason the number is set at $1 million is because it covers pass-throughs and small businesses.
Corporations can defer up to $10 million interest and penalty free.
No special requirements were announced in order to take part in this deferral. It was stated that simply filing your taxes will automatically result in not being charged interest and penalties.
Mnuchin stated that taxpayers are still encouraged to file by April 15, because many Americans will receive tax refunds.
The plan is estimated to result in deferrals of as much as $300 billion in IRS payments.
We are closely monitoring the details of this relief as well as other relief associated with the coronavirus.
Mazars USA LLP is continuing our operations in a normal fashion and we have ensured that our systems are able to handle a fully remote workforce without interruption of client services. We encourage you to send us your tax documents as soon as possible (preferably in an electronic format) so that we can continue providing the exceptional service that you have come to expect from Mazars USA.
Please contact your Mazars professional for additional information.
Published on: March 17, 2020
The information provided here is for general guidance only, and does not constitute the provision of tax advice, accounting services, investment advice, legal advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal or other competent advisers.
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