In a press conference on Tuesday, March 17, 2020, U.S. 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. The IRS has not yet issued formal guidance on the policy.
Mnuchin’s announcement did not delay the April 15 filing deadline. Therefore, at this time, your returns are still due April 15, 2020. If you cannot meet that filing date you should file an extension to extend the filing date to Oct 15, 2020 for individuals.
With these two considerations in mind, we recommend the following:
We will continue to monitor the evolving situation. In the meantime, we are here to assist you with your accounting and advisory matters. Please do not hesitate to reach out with any questions.
Your friends at Pearce, Bevill, Leesburg, Moore, P.C.