To our clients and friends of the Firm,
Like many Americans, you may be closely following the developments related to the progression of the coronavirus pandemic in the United States. In these uncertain times we know individuals and businesses alike are not only closely monitoring the health of their families and employees but also the strength of their cashflows on which those families and workforces depend.
In a White House briefing Tuesday, Treasury Secretary Steven Mnuchin announced that for the April 15, 2020 tax deadline the IRS will waive interest and penalty charges for Americans who owe up to $1,000,000 in taxes personally, or up to $10,000,000 in taxes on a corporate return, for 90 days. This deferral of tax payments is intended to provide immediate liquidity to American taxpayers and assist them in weathering the short-term financial challenges the current situation may present. Delaying tax payments by three months will provide many taxpayers much needed temporary relief as they manage potential cashflow issues arising from business interruptions or other complications.
In our office we are proceeding to file returns as previously planned but will be working with any client who has a tax liability due to take advantage of the available three-month interest-free tax payment deferral. We will also continue to encourage our clients who are owed a refund to file as soon as possible and will work with them to make this happen. As of the Tuesday briefing, the IRS was still processing refunds normally without delay.
We will continue to follow the latest developments as they unfold and keep you informed of any further impact to your tax returns, refunds, or payments. If you have any questions regarding the tax payment deferral or your 2020 filing deadline, please contact our office at (972) 644-7112.