Some Guidance – File by 4/15 pay by 7/14

Here’s what we know so far.
“Mnuchin, on Tuesday, also announced that the Treasury Department would not extend the deadline to file taxes by the April 15 deadline, as much of the tax filing can be done online.

“We encourage Americans who can file taxes to continue to file taxes on April 15 because for many Americans, you will get tax refunds and we don’t want you to lose out on those tax refunds,” Mnuchin said.

Mnuchin added that if individuals or corporations owe money to the Internal Revenue Service after filing their taxes, those payments now are able to be deferred for up to 90 days interest-free.

“If you owe a payment to the IRS, you can defer up to $1 million as an individual, and $10 million to corporations, interest-free and penalty-free for 90 days,” Mnuchin continued. “File your taxes, you’ll automatically not get charged interests or penalties.”

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