At a press conference on Tuesday, March 17, Treasury Secretary Steve Mnuchin announced that payment of federal taxes due on 4/15/2020 will be deferred by 90 days in response to the coronavirus outbreak. Individuals can defer up to $1 million and businesses can defer up to $10 million in payments without penalty or interest. The tax filing date of 4/15/2020 remains unchanged with the extension being automatically applied to tax payments only. Please be sure to contact your tax professional with regards to payment extension details and filing requirements.
