In response to the COVID-19 pandemic, on March 17, 2020, Treasury Secretary Steven Mnuchin stated at a press conference that individuals and corporations may delay certain tax payments without interest and penalties. Individuals may defer tax payments up to $1 million for 90 days, and corporations may defer tax payments up to $10 million for 90 days. As of the time of writing this tax alert, no official written guidance has been released regarding this relief for taxpayers.
The Treasury Secretary did not extend the tax filing due date for individuals which is generally April 15. However, individuals may get an automatic extension to file until October 15 by filing IRS Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Returns.
Please contact Julie Rhoades in our Detroit office at (313) 223-3570.