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Today at a press conference, U.S. Secretary Steven Mnuchin announced 90 day extensions without interest or penalties for certain federal income tax payments for individuals and businesses with an April 15th filing deadline. However and unfortunately, the Treasury Department did not simply extend the filing deadline, so extensions on April 15th may still be required. Additionally, we are unsure at this moment about 1st quarter 2020 tax estimates.
“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. 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. File your taxes; you’ll automatically not get charged interest or penalties,” Mnuchin said.
California had already pushed back its filing deadlines by 60 days. In light of this change by the IRS, they may change their date to match the IRS. Regardless of these changes, JLK Rosenberger still plans on pushing forward with April 15th filings where they are appropriate yet expect that many of our clients will utilize the extended payment deadline. We will keep you updated as this is an ever-evolving situation.
JLK Rosenberger can help you during these uncertain times. For additional information, call us at 949-860-9892 or click here to contact us.