At a press conference held today, U.S. Treasury Secretary Mnuchin announced the following extensions for federal income tax payments:
- Individuals and businesses with an April 15 filing deadline will be given an additional 90 days to pay taxes;
- Individuals will be able to defer up to $1 million of tax liability; and
- Corporations get an extension for up to $10 million.
Mnuchin was not specific about late-filing penalties for either the March 15 or April 15 deadlines, but it appears interest and penalties will be waived automatically. He stated, “All you have to do is file your taxes. You will automatically not get charged interest and penalties.”
We will provide additional information when formal guidance is issued by the IRS.
In light of this information from the IRS, the FTB is looking at their extension to June 15, and we will let you know if the due date for California is extended to 90 days as well.
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