Today (March 17, 2020), U.S. Treasury Secretary Mnuchin announced the following extensions for federal income tax payments:
Individuals and businesses with an April 15 filing deadline will be given an additional 90 days to pay taxes;
Individuals will be able to defer up to $1 million of tax liability; and
Corporations get an extension for up to $10 million.
Unfortunately, Mnuchin was not specific about late-filing penalties for either the March 15 or April 15 deadlines, but it looks like interest and penalties will be waived automatically. He stated, “All you have to do is file your taxes. You will automatically not get charged interest and penalties.”
We will provide additional information and guidance as we know more. In the meantime, keep sending us your tax information electronically through Intuit Link or SmartVault. We will work through the returns as quickly as possible.
Sherry Wallen, CPA
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