Treasury Secretary Announces 90-Day Tax Payment Deadline Extension

The following excerpt is from the Journal of Accountancy’s website.

Read the full article here.

“In a press conference on Tuesday, 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. Corporations can defer up to $10 million in payments for 90 days. During that time, the IRS will not charge interest or penalties.”

“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.”

Keep up-to-date on official IRS Coronavirus Tax Relief news here.