Contrary to earlier indications, the IRS is not extending the April 15th filing deadline for C-corporations and individuals. Treasury Secretary Mnuchin announced today much of the filing can be done online and many Americans will be receiving a refund. However, if you owe money, you can defer payment for 90 days interest and penalty-free, except for corporations owing more than $10 million and individuals owing more than $1 million. At this moment in time, we have not received guidance from state taxing jurisdictions.
As a result, if you have not already provided us with the information we will need to either complete your tax return or file an extension, please do so right away. Since our firm is making every effort to avoid in-person meetings during the COVID-19 crisis, please work with your AZ representative to get this information to us either electronically or via the mail. We appreciate your understanding during these unprecedented times.
We anticipate more guidance from the IRS and state taxing jurisdictions and will keep you abreast of any changes to the information released today. Please reach out if you have any questions, we are happy to assist!