Treasury Issues Guidance to Extend Tax Payment Deadline for 90 Days

As previewed by Treasury Secretary Steven Mnuchin yesterday, the IRS today issued a notice confirming that taxpayers may defer their payments that would have otherwise been due on April 15 for up to 90 days. The IRS noted, however, that while payments are deferred, original tax filing dates remain in place, subject to filing extensions.

Under this action, individual taxpayers—including pass-through entities, which are taxed as individuals—may defer paying up to $1 million in tax due, while corporations may defer up to $10 million. No penalties will be assessed against the deferred payments.