On March 17, 2020, Secretary of Treasury Steve Mnuchin announced the IRS will allow taxpayers to delay federal tax payments for 90 days after their due dates. This delay is both interest and penalty-free. For individuals, they can defer up to $1,000,000 of taxes owed. For corporations, they can defer up to $10,000,000 of taxes owed.
The Administration urged people to still file by the April 15th deadline as a majority of Americans receive a tax refund.
Several additional ideas are still on the table such as a payroll tax holiday. Stay tuned for further information.
