According to comments at a press conference and throughout the day, Treasury Secretary Steven Mnuchin says the Treasury intends to provide an automatic 90-day extension on tax payments--allowing taxpayers until July 14 to pay any taxes they owe.
At the press conference, Mnuchin proposed that individuals could defer up to $1 million of tax liability and corporations could defer up to $10 million. While he said that, “All you have to do is file your taxes. You’ll automatically not get charged interest and penalties,” there is still some confusion based on other reporting as to whether the filing deadline will also be extended or just the requirement that taxes be paid by April 15th. It is similarly unclear, so far, whether the extension applies to estimated taxes for 2020 or just to remaining payments for 2019 taxes.
We will continue to monitor and keep this story updated with the latest to advise you as we become aware of new developments or further clarifications.
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