March 17, 2020
By Rebecca Hinton
Taylor Porter Tax Attorney
As federal agencies scramble to adjust to the ever-changing economic landscape brought about by the Coronavirus pandemic, United States Treasury Secretary Steven Mnuchin announced today that the federal government is deferring the April 15th IRS tax payment deadline, by providing an interest-free and penalty-free 90 day deferral period for some tax payments due by businesses and individuals. Individuals can defer up to $1 million of tax payments, while corporations can defer up to $10 million in tax payments.
The pronouncement did not defer the tax return filing requirement set for April 15th, but now allows individuals and businesses to file their returns without tax payments that may otherwise be due, up to the limits specified by Secretary Mnuchin.
The IRS has established a special section focused on steps to help taxpayers, businesses and others affected by the Coronavirus, and this page will be updated as new information is available: https://www.irs.gov/coronavirus
For any questions pertaining to tax law, and new developments presented amidst the Coronavirus pandemic, please do not hesitate to contact Taylor Porter tax attorney Rebecca Hinton at firstname.lastname@example.org