Coronavirus update – March 17, 2020

In a press conference on March 17, 2020, Treasury Secretary Steven Mnuchin announced that individuals and corporations can delay their income tax payments for the 2019 filing year for 90 days due to the coronavirus pandemic. During that time, the IRS will not charge interest or penalties.

Limitations: Individuals can defer up to $1 million in payments owed for 90 days from the April 15 deadline. Corporations can defer up to $10 million in payments owed for 90 days.

As of this writing, the IRS had not yet issued formal guidance on the policy. Mnuchin’s announcement did not delay the April 15 filing deadline.

The delay, as announced, affects 2019 federal income taxes only; Mnuchin did not address 2020 estimated tax payments, payroll taxes, or estate and gift taxes.

I will update as information becomes available.