Today, Friday, March 20, Secretary of the Treasury Steve Mnuchin tweeted:
“We are moving Tax Day from April 15 to July 15,” Mnuchin said. “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”
“Corporations can get an extension on up to $10 million, and individuals can defer up to $1 million of tax liability,” and Mnuchin said Tuesday at a news conference.
This includes 1st quarter 2020 federal estimated tax payments normally due 4/15/2020. These payments can be deferred to 7/15/2020 without an estimated tax payment penalty,
SIMA continues to monitor decisions by the Treasury and the IRS. The most recent news can be found here.
