Mar 17

Coronavirus (COVID-19) Spurs Tax Payment Delay for Millions of Taxpayers

Treasury Secretary Steven Mnuchin announced Tuesday, March 17, 2020, that due to the novel coronavirus (COVID-19) pandemic, his department would be providing a 90-day extension to the April 15 deadline for the payment of many individuals’ and some businesses’ income taxes.

Speaking at a news conference, Mnuchin, who on March 11, 2020 told a congressional committee that he would recommend such an action to President Donald Trump, said that the coming order, which has not been officially released, would apply to individuals needing to defer up to $1 million in income tax and businesses needing to defer up to $10 million. Interest and penalties would not apply during the period of the deferment.

In order to claim the deferral, taxpayers must either file their income tax returns or request an automatic six-month filing extension by April 15.

“All you have to do is file your taxes,” Mnuchin said.

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