Treasury Defers Tax Payments, Waives Interest and Penalties for 90 Days

This post was updated on March 20.

Treasury Secretary Steve Mnuchin announced on March 18 that households and small businesses can defer tax payments without interest or penalties for 90 days.

This covers a broad range of Americans, including small businesses that file as individuals who owe up to $1 million, and other categories of small businesses, sole proprietors, and corporations owing up to $10 million.

Penalties and interest that would otherwise apply during this nearly three-month period will be waived.

On March 20, Secretary Mnuchin tweeted that the tax filing deadline would be pushed back 90 days to July 15. “We are moving Tax Day from April 15 to July 15,” he tweeted. “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.” Mnuchin noted the action was made at President Trump’s direction.

View more details. Note that this Treasury release was put out before the secretary announced the change to the April 15 filing deadline.

NAHB is providing this information for general information only. This information does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind nor should it be construed as such. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers.

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