18
Mar
Trump Administration Announces Deferred Tax Payments
On March 17, Treasury Secretary Steve Mnuchin announced that households and small businesses can defer their tax payments without interest or penalties for 90 days. According to the Secretary, the option for deferral includes businesses that file as individuals who owe up to $1 million. The order also covers other categories of businesses, sole proprietors, and corporations owing up to $10 million. The measure was announced as part of the Administration’s effort to help those impacted economically by the Coronavirus emergency.
Taxpayers should continue to file their taxes by April 15 as normal. Eligible taxpayers who owe a payment will have the option to defer.
Click Here to view more information from GOP’s Ways and Means website.