What do we know now?
Treasury Secretary Mnuchin announced a 90-day extension on tax payments due April 15th, 2020. The deferral allows taxpayers to pay any tax due on 4/15 without penalty or interest until 7/15/2020 – up to $1 million for an individual and $10 million for a corporation.
What do you as a taxpayer need to do?
Nothing, as Secretary Mnuchin announced “all you have to do is file your taxes. You’ll automatically not get charged interest and penalties.” If your return has already been filed and the balance not paid – you can plan on making payment July 15th without penalty or interest.
What has NOT happened?
The announcement did not change the April 15th filing due date. Only the payments were delayed to July 15, 2020. Many professionals expect the filing deadline to be changed but that has not yet been confirmed. There was also no mention of first quarter estimated tax payments being delayed. These payments are typically due on 4/15.
The stimulus bill is still sitting with the Senate, no passage had taken place as of 9am on March 18, 2020.
So, we wait for further clarity in this rapidly changing environment. In the interim, stay safe and look out for one another.
Questions or concerns, contact us at info@wernercpa.net or 610.770.9236.
