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Current as of 3/18/2020 8:00 AM
On Tuesday, Department of Treasury Secretary Steven Mnuchin announced that the Treasury Department and the IRS would be accepting 2019 tax payments interest and penalty free for up to 90 days. Specifically, he said “If you owe a payment to the IRS, you can defer up to $1 million as an individual.” He noted that he believes this amount should cover “lots of pass-throughs and small businesses.” “All you have to do is file your taxes, you’ll automatically not get charged interest and penalties.”
A not so common adage, but maybe appropriate here is that “governing is in the details.” What does this limited amount of information truly mean in light of the fact that there has been no formal written press release issued by the IRS or official IRS announcement? Here are our thoughts:
At this time, there are still many unknowns. We, like you, are anxious for clarification from the Internal Revenue Service – the definitive source for matters related to federal tax compliance requirements. Our best advice is to move forward with the assumption that the April 15th due date is not extended. Your team at Schneider Downs is operating at full business capacity and expects to do so even if the deadline is extended.
Schneider Downs remains at the ready to help address all your needs and concerns during these challenging times.
We’ll continue to monitor this situation and will provide additional updates as information becomes available.
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