IRS Delays Tax Payment & Filing Deadline

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U.S. Treasury Secretary Steve Mnuchin said that taxpayers will get a 90-day extension to pay any income taxes they owe for 2019.  As reported by CNBC, Mnuchin said that as part of its coronavirus response, the federal government will give filers 90 days to pay income taxes due on up to $1 million in tax owed (up to $10 million for corporate filers).  He said the $1 million threshold would cover many pass-through entities and small businesses. In addition, during the 90-dayperiod taxpayers won’t be subject to interest & penalties.  The Treasury Department is also encouraging citizens to file as as possible, especially if they are expecting a refund.

“We encourage those Americans who can file their taxes to continue to file their taxes on April 15,” Mnuchin said. “Because for many Americans, you will get tax refunds.”

Click here to read the full story at CNBC.com.

Click here to read the release from the U.S. Treasury Department.

Click here for the IRS’ Coronavirus Tax Relief page.

 

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Director of Education & Outreach, National Real Estate Investors Association

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