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March 17, 2020

BREAKING TAX NEWS | Secretary Mnuchin says many tax payments can be deferred for 90 days

Treasury Secretary Steven Mnuchin announced during a March 17 news conference that President Trump has authorized him to defer up to $300 billion in tax payments. Those who owe a payment to the IRS can defer up to $1 million per individual — which he said would cover many pass-throughs and small businesses — and $10 million for corporations, interest-free and penalty-free for 90 days. He said taxpayers can file their taxes and will automatically not get charged interest and penalties. The Secretary encouraged those able to file their taxes by April 15 to do so, because many will receive a refund.




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