To our valued clients and friends,
With all the recent uncertainty regarding tax deadlines and extensions, today we received some preliminary answers! Treasury Secretary Steven Mnuchin announced the IRS is waiving interest and penalty charges for 90 days for individual taxpayers that owe up to $1 million in taxes for the 2019 tax year. As of now, the tax return filing date remains April 15th, but this could change.
Treasury Secretary Steven Mnuchin announced the change saying, “If you owe a payment to the IRS, you can defer up to $1 million as an individual — and the reason we are doing $1 million is because that covers pass-throughs and businesses — and $10 million for corporations, interest-free and penalty-free for 90 days. All you have to do is file your taxes.”
The IRS is also considering extending the deadline for making estimated quarterly payments.
Pennsylvania and certain neighboring states have not yet clarified whether state tax payment or filing deadlines will be extended. We expect most states will provide guidance as the April 15th deadline approaches and the situation evolves.
We at Louis Plung & Company will continue working diligently on your tax returns to meet the April 15th deadline. If you do need to extend your returns, we are prepared to help you. We will continue to monitor the situation and will keep you apprised as more information becomes available regarding tax filing and payment deadlines.
Thank you for your trust in us through these unusual circumstances.
Louis Plung & Company, LLP