However, taxpayers who are facing difficulty
filing on time always still have the option to
request a six-month extension. Visit the IRS
website for more details.
WHO GETS TO WAIT TO PAY?
Treasury Secretary Steven Mnuchin said
individuals who owe less than $1 million will
be able to delay paying. Corporations will be
able to defer payment on taxes due up to $10
million. Mnuchin said only the “super rich”
would be excluded.
However, because details are still pending,
it’s unclear if the delay applies to trusts or
whether people who make quarterly payments
on their taxes will still need to make that first
payment by April 15, said Lance Christensen,
a partner at the accounting firm of Margolin
Winer & Evens.
WILL I BE PENALIZED FOR WAITING TO
MAKE PAYMENTS?
No. During this unprecedented delay, individuals
and corporations will not be subject to interest
or penalty payments.
WHAT IF I AM EXPECTING A REFUND?
If you are expecting a refund, continue to file
as usual. As of now, the IRS is still processing
returns and sending out refunds.
DOES THIS APPLY TO MY STATE
TAXES TOO?
No. Check with your state tax authority to see
about any changes to due dates. Some are not
extending their deadline, others are following
the federal model and others still are setting