Mnuchin Extends Payment Deadlines as Part of COVID-19 Response
In a press conference this morning, Treasury Secretary Steven Mnuchin extended the payment deadline as part of the federal government’s COVID-19 response. The measure gives filers a 90-day reprieve to pay income taxes on up to $1 million in tax owed, including those with pass-through entities and small businesses. Corporate tax filers have the same amount of time to pay amounts due up to $10 million. During the three-month deferral, taxpayers will not be subject to interest or penalties. Treasury Secretary Mnuchin encouraged all Americans who can file their taxes by April 15, to do so, so that they'll receive their tax refunds. Read more in Accounting Today
While the deadline for payments has been extended to July 15, the filing deadline remains April 15 (for now).
CSEA will continue to communicate with the IRS Stakeholder Liaison office to share more information as it becomes available. As always, we can expect NAEA to work with those in Washington, D.C. to represent the best interests of Enrolled Agents and promote sound policy administration.