At a Tuesday White House briefing, Treasury Secretary Steven Mnuchin announced new relief measures that are effective immediately. Today we have received written guidance from the Treasury Department outlining the items below.
The Internal Revenue Services (IRS) has extended the tax payment deadline for 2019 income taxes and 2020 estimated taxes for individuals who owe up to $1 million and for corporations that owe up to $10 million. These individuals can defer payment from April 15 for up to 90 days without accruing interest or penalties. This puts the new tax payment deadline at July 15.
As of now, the tax filing deadline remains April 15 although this could change. Regardless of a change in deadline, our firm will continue to operate with the goal of completing tax filings and extension considerations as normal.
We remain on alert to any news about this situation. If the IRS announces a change in the filing deadline, we will contact you as soon as possible. It is expected that many states will follow suit in granting similar payment relief. We will keep you apprised of any updates at both the federal and state levels.
We also will continue to monitor developments at the state level.
In the meantime, please do not hesitate to contact us with any questions you have regarding these circumstances.