Treasury Secretary Steven Mnuchin announced the IRS would waive penalties and interest on tax payments for 90 days however the due date for filing 2019 tax returns would not be postponed. The waiver only applies to:
• individual taxpayers owing up to $1 million in taxes, and
• corporations owing up to $10 million in taxes
The IRS is still processing returns therefore taxpayers are being encouraged to file timely. Considering the current crisis, many taxpayers may receive refunds which could be beneficial.
We’ll keep you updated as new developments becomes available. Contact us for help to determine how best to minimize the financial impact.
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