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Tax Payment Deferral

  • March 18th, 2020

•1 minute read

On Tuesday, March 17th, Treasury Secretary Mnuchin announced a 90-day grace period on the payment of individual and corporate taxes normally due April 15th. Individuals and corporations now have until July 15th to make federal tax payments without being assessed penalties and interest. Individuals can defer payment on up to $1 million in tax and corporations up to $10 million in tax.

Please note that the filing deadlines for personal tax returns and C Corporations continues to be April 15th. We recommend that all taxpayers continue to operate under the assumption that your tax return is due by April 15th and only the payment has been deferred.

Please also note that this announcement pertains only to the federal government and does not apply to state income tax balances that may be due. States will provide their own determination and guidance in the near term.

We will continue to keep you informed as more information is available.

Contact us directly should you have any further questions.

Yours truly,
Walter & Shuffain, P.C.

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Walter Shuffain is the brand name under which Walter Shuffain Advisors Inc., Walter Shuffain Advisors LLC, and WS CPAs PC provide professional services. Walter Shuffain Advisors Inc., Walter Shuffain Advisors LLC, and WS CPAs PC practice in an alternative practice structure in accordance with the AICPA Code of Professional Conduct and applicable law, regulations and professional standards. WS CPAs PC is a licensed independent CPA firm that provides attest services to its clients. Walter Shuffain Advisors Inc. and Walter Shuffain Advisors LLC and its subsidiary entities, which are not licensed CPA firms, provide tax, advisory, and other non-attest services to its clients. The entities are independently owned and governed and are not liable for the services provided by any other entity providing the services under the Walter Shuffain brand. Our use of the terms “our firm” and “we” and “us” and terms of similar import, denote the alternative practice structure conducted by WS CPAs PC and Walter Shuffain Advisors Inc.

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