On Tuesday afternoon Treasury Secretary Steven Mnuchin announced the following tax payment relief:
- Individual taxpayers who owe less than $1 million are eligible to defer their tax payment interest and penalty-free for 90 days
- Corporate taxpayers who owe less than $10 million are eligible to defer their tax payment interest and penalty-free for 90 days
While it is possible that the Internal Revenue Service may provide for automatic extensions to file tax returns as well as other relief, such relief has not yet been announced. Furthermore, details of the above-delayed payment terms have not been issued.
We expect further details to be made available within the coming days and will continue to monitor the situation and communicate developments as they are made public.