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The Treasury Department and IRS on Wednesday released guidance on deferring tax payments due to the coronavirus, providing further details for taxpayers and tax preparers.
The release of the guidance comes after Treasury Secretary Steven Mnuchin announced Tuesday that individuals would be able to defer up to $1 million and corporations would be able to defer up to $10 million for 90 days without penalties and interest.
The guidance specifies that individuals and corporations can defer payments, including for self-employment taxes, that were due April 15 until July 15. It states that the $1 million limit applies both to single filers and to married couples filing joint returns.
Treasury and the IRS also say in the guidance that the extension of the payment due date applies to taxpayers’ 2019 taxes due on April 15 as well as to federal estimated income tax payments due on that date that pertain to the 2020 tax year.