New 90-day Delay in Tax Payment Deadline Offers Relief to U.S. Taxpayers
Treasury Secretary Steven Mnuchin announced that individuals and corporations can delay their tax payments for 90 days due to the coronavirus pandemic. Individuals can defer up to $1 million in payments for 90 days from the April 15 deadline and corporations can defer up to $10 million in payments for 90 days. During that time, the IRS will not charge interest or penalties. First quarter 2020 estimates are similarly now not due until 90 days after April 15.
As of this writing, the IRS had not yet issued formal guidance on the policy. Mnuchin’s announcement did not delay the April 15 filing deadline. Your ShindelRock professionals will continue to prepare returns for both individuals and corporations according to the April 15th deadline schedule.