It’s not often we get good news from this quarter. As someone who will owe and is facing the possibility of unpaid time off in the not too distant future this is a very welcome reprieve indeed.
Taxpayers will get a three-month reprieve to pay the income taxes they owe for 2019, Treasury Secretary Steven Mnuchin said on Tuesday at a news conference. As part of its coronavirus response, the federal government will give filers 90 days to pay income taxes due on up to $1 million in tax owed, Mnuchin said in Washington. The reprieve on that amount would cover many pass-through entities and small businesses, he said. Corporate filers would get the same length of time to pay amounts due on up to $10 million in taxes owed, Mnuchin said. During that three-month deferral period, taxpayers won’t be subject to interest and penalties, he said. You should still get your 2019 income tax return in to the federal government as soon as possible, especially if you’re due a refund and need cash.Treasury and IRS to delay tax payment deadline by 90 days