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Tax payments deferred. Filing date not extended.

Treasury Secretary Steven Mnuchin stated at a press conference on March 17, 2020, that individuals can defer tax payments up to $1 million for 90 days. Corporations can defer up to $10 million of tax payments for 90 days. The filing deadline was not extended. According to Mnuchin, "We encourage those Americans who can file their taxes to continue to file their taxes [by] April 15.” He stated that this is particularly important for taxpayers who are entitled to refunds.

While the details have not yet been released, Mnuchin said to "just file your [tax return] and you will automatically not get charged interest and penalties" on payments made within the 90-day deferral period.

Finally, it should be noted that the Secretary did not include any discussion of 2020 estimated taxes or the application of the deferral to estates and trusts.

In all cases, please contact your Sisterson representative with your questions, and stay tuned.