Good afternoon, all. Sec. Mnuchin just announced preliminary tax relief measures. Here is an excerpt:
On Tuesday, Treasury Secretary Steven Mnuchin announced during a White House briefing that the IRS will waive interest and penalty charges for 90 days for Americans who owe up to $1 million in taxes. He encouraged Americans to still file their taxes by April 15; it’s unclear at this time whether the IRS will officially extend that filing deadline as well.
“If you owe a payment to the IRS, you can defer up to $1 million as an individual – and the reason we are doing $1 million is because that covers pass-throughs and small businesses – and $10 million for corporations, interest-free and penalty-free for 90 days. All you have to do is file your taxes,” Mnuchin said.
“We encourage those Americans who can file later taxes to continue to file their taxes because you will get tax refunds and we don’t want you to lose out. Many people do this electronically which is easy for them and the IRS,” he said.
The IRS is so far processing tax returns and paying out refunds with no apparent delay, though IRS Commissioner Charles Rettig said employees who are eligible to work remotely should do so.
NCACPA, in tandem with the AICPA, is still working on additional relief at the federal level. NCACPA is also working, without pause, on state-level relief and will share any updates there as soon as they are available.