Announcement on Tax Payment Delay

During today’s White House press conference Treasury Secretary Mnuchin announced that the White House economic stimulus plan included a 90-day penalty and interest free delay for payment of tax due. The tax due which may be deferred is limited to $1 million for individuals and $10 million for corporations. According to Mnuchin the plan will delay $300 Billion in IRS payments injecting liquidity into the system.

It is important to note that Mnuchin did not announce a change to the filing deadline of April 15. This may differ from what is being reported by some news outlets where articles may be written by non-tax professionals who are unaware of the difference in filing deadlines and payment deadlines.

DHG has reached out to our various contacts to gain additional clarity on both the payment delays and the expectation for the filing deadline. To speak with a tax advisor, reach out to us at tax@dhg.com.

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