On Tuesday, March 17, 2020, Treasury Secretary Steven Mnuchin announced that individuals and corporations can delay their federal tax payments for 90 days due to the COVID-19 pandemic. However, this announcement did not delay the April 15 filing deadline. Individuals can defer up to $1 million in payments for 90 days from the April 15 deadline. Corporations can defer up to $10 million in payments for 90 days. During the three-month deferral period, taxpayers won’t be subject to interest and penalties. Relief also applies to federal estimated income tax payments (including payments of tax on self-employment income) due on April 15, 2020, for a taxpayer’s 2020 taxable year.
At the state level, the PA Department of Revenue’s offices and customer service call center are currently closed as the commonwealth takes steps to help slow the spread of COVID-19 in Pennsylvania. No information is available regarding PA announcements to delay tax payments or filing. Some states have rolled out delays due to COVID-19. If you would like information on any other states, please call or email your PBGW accountant or call our main number at 215-997-6700.
This communication should not be construed as tax or legal advice or tax or legal opinion on any specific facts or circumstances. This communication does not create any accountant/client or attorney/client privilege. The contents are intended for general informational purposes only, and you are urged to consult a tax advisor or lawyer concerning your own situation and legal questions.