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    Tax Update: Certain 2019 Tax Payments Can be Deferred

    Posted by Jeff Kujawa on Mar 18, 2020 10:33:22 AM

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    During a press briefing on March 17, Treasury Secretary Steven Mnuchin announced that certain 2019 tax payments can be deferred until July 15th. 

    As of today, taxpayers are required to file their tax return or an extension by April 15th, but payments can be deferred until July 15th.

    "All you have to do is file your taxes - you will automatically not get charged interest and penalties," Mnuchin said. "We encourage those Americans who can file their taxes to continue to file on April 15, because for many, you will get tax refunds, and we do not want you to lose out on those refunds."

    Individual taxpayers may defer up to one million dollars in federal taxes, and corporations can defer up to $10 million, according to Mnuchin. "The reason we're doing a million dollars [for individuals] is because it covers a lot of pass-through and small businesses," he added. 

     

    If you would like to speak to one of our tax specialists for more information, please call: 1 (866) 760-0940 or visit our website.

    Topics: brixey and meyer, ohio, Tax, Tax Team, 2019, Deferred Tax Payments, Coronavirus

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