Yesterday (March 17, 2020) Treasury Secretary Mnuchin announced a 90-day grace period on the payment of individual and corporate taxes normally due April 15th. Individuals and corporations have until July 15th without being assessed penalties and interest. Individuals can defer payment on up to $1 million in tax and corporations up to $10 million in tax.
Please note that today’s announcement referenced tax payments only and there were no specifics provided relative to tax filings. The IRS will be providing more specifics. We recommend that all taxpayers continue to operate under the assumption that your tax return is due by April 15th and only the payment has been deferred.
Please also note that this announcement pertains only to the federal government and does not apply to state income tax balances that may be due. States will provide their own determination and guidance in the near term.
We will continue to keep you informed as more information is available.
Contact us directly at info@newburg.com should you have any further questions.