Today, the Treasury Department and IRS issued clarifying guidance to address industry confusion regarding the intent of Secretary Mnuchin’s press statements yesterday, which outlined new 2019 tax deadline relief in response to the Coronavirus emergency.
We would like to take this opportunity to share a link to the new guidance issued by the Treasury Department and IRS today.
- 2019 tax return filing deadline remains April 15, 2020
- 2019 tax payments due to the IRS are deferred for 90 days, interest-free and penalty free
- Up to $1 million for individuals can be deferred for 90 days, to July 15, 2020. (*The $1 million individual threshold takes into account pass-through businesses that pay taxes through the individual code on their owners’ return)
- Up to $10 million for corporations can be deferred for 90 days, to July 15, 2020
Engineered Tax Services will continue to keep you up-to-date on any changes throughout the Coronavirus (COVID-19) Pandemic