Treasury and IRS Issue Guidance on Deferring Tax Filing and Payments until July 15, 2020

Following President Trump’s emergency declaration, the U.S. Treasury Department and Internal Revenue Service (IRS) issued guidance allowing all individual and other non-corporate tax filers to defer up to $1 million of federal income tax (including self-employment tax) payments due on April 15, 2020, until July 15, 2020, without penalties or interest. The guidance also allows corporate taxpayers a similar deferment of up to $10 million of federal income tax payments that would be due on April 15, 2020, until July 15, 2020, without penalties or interest. A stimulus package being negotiated in the Senate would move that deadline back even further to Oct. 15. NAMM is monitoring this evolving issue and will continue to post updates here.