90-Day Relief for Tax Payments Due

90-Day Relief for Tax Payments Due
Mnuchin announces during press conference

Today during the White House’s daily coronavirus briefing, Treasury Secretary Steven Mnuchin announced that tax payments up to $1 million for individuals can be deferred for 90 days.

The $1 million threshold was chosen for those who report pass-through business income on their individual return. Corporations are able to defer up to $10 million in tax payments. Penalties and interest that would otherwise apply during this nearly three-month period will be waived.

Mnuchin is encouraging Americans who can file taxes by the April 15 deadline to do so. He also noted that refund issuance will not be affected for those who file.

This news comes on the heels of NATP submitting a letter to IRS Commissioner, Charles Rettig, in support of an extension of the 2020 tax season for a minimum of 90 days. The letter addresses challenges we are hearing from members who are experiencing the reality of navigating tax season amid the current COVID-19 situation.

-Information Courtesy of NATP

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