Coronavirus News

Tax payments deferred until July 15

In a press briefing Tuesday, March 17, Treasury Secretary Steven Mnuchin said that individual taxpayers who owe up to a million dollars in federal taxes can defer paying until July 15, while corporations can defer up to $10 million.

“The reason we’re doing a million dollars is because it covers a lot of pass-through and small businesses,” he noted.

“All you have to do is file your taxes – you’ll automatically not get charged interest and penalties,” he said. “We encourage those Americans who can file their taxes to continue to file on April 15, because for many, you will get tax refunds, and we don’t want you to lose out on those refunds.”

Mnuchin made a point of saying that taxpayers could still file for extension, which would allow them to defer filing and payment until October 15.

“We’re not taking that right away,” he said.

Read the complete, updated March 18, 2020 post from Accounting Today.  Or, contact a Dugan & Lopatka professional at (630) 665-4440 or for additional information.  

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