Taxpayers will get a three-month reprieve to pay the income taxes they owe for 2019, Treasury Secretary Steven Mnuchin said on Tuesday at a news conference.
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, Mnuchin said in Washington. The reprieve on that amount would cover many pass-through entities and small businesses, he said.
Corporate filers would get the same length of time to pay amounts due on up to $10 million in taxes owed, Mnuchin said.
During that three-month deferral period, taxpayers won’t be subject to interest and penalties, he said.
Although the payment deadline has been changed, the filing deadline remains the same: April 15th 2020. You should still get your 2019 income tax return in to the federal government as soon as possible, especially if you’re due a refund and need cash.
Michael Coronado is the Vice President of Pronto Income Tax. When he’s not serving clients, he geeks out on current events and planning his next travel adventure.
MISSION We give each of our clients the personalized tax help they need to ensure every box is checked and every dollar is saved.
Copyright © 2020, Pronto Income Tax. All Rights Reserved. Pronto Income Tax is a trademark of Pronto Income Tax, Inc.