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  • IRS willing to consider requests for relief from double taxation related to repatriation
  • Form 1040-SR: Seniors Get a New Simplified Tax Form for 2019
  • IRS Issues 2020 Standard Mileage Rates
  • Proposed regs. Issued on Meal and Entertainment Expense Deductions
  • Guidance and Enforcement Put Virtual Currencies Front and Center
  • IRS Increases Visits To High-Income Taxpayers Who Haven’t Filed Tax Returns
  • New Law Helps People Save For Retirement; Other Retroactive Changes Impact Many Taxpayers
  • SBA’s NEW YEAR RESOLUTION ENFORCEMENT!
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  • U.S. Postpones April 15 Tax Payments for 90 Days for Most Americans
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  • IRS Won’t Extend Deadline Again! Tax Returns ARE Due by July 15
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  • MillerMusmar’s 10th Consecutive Year as a Pinnacle Sponsor of the Taste of Reston.
  • 2018 YEAR-END TAX PLANNING FOR INDIVIDUALS
  • Foreign Financial Asset Reporting Guidance Matrix Form 8938 and/or FBAR for Filings
  • Certain Fringe Benefits Provided by Not-for-Profits May Be Considered Taxable Income

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U.S. Postpones April 15 Tax Payments for 90 Days for Most Americans

Coronavirus disruption prompts tax agency to extend the deadline, waive interest and penalties

WASHINGTON—The U.S. government will postpone the April 15 tax-payment deadline for millions of individuals, giving Americans another 90 days to pay their 2019 income-tax bills in an unprecedented move.

The IRS, using authority under President Trump’s national-emergency declaration, will waive interest and penalties as well, Treasury Secretary Steven Mnuchin said at the White House Tuesday. The delay is available to people who owe $1 million or less and corporations that owe $10 million or less, Mr. Mnuchin said.

The government granted the extension to give taxpayers a financial cushion as households and businesses cope with the sudden slowdown in economic activity caused by the coronavirus outbreak. The move could provide households with hundreds of billions of dollars in temporary liquidity, Mr. Mnuchin said last week in previewing the government’s actions.

“We are going to use all the tools we have,” Mr. Mnuchin said on Tuesday. “And what tools we don’t have, we’re going to go to Congress.”

The IRS will continue to process tax refunds, and Mr. Mnuchin urged people who can file their tax returns to do so. Mr. Mnuchin said last week that the tax deadline would be delayed for all but the superrich, but his Tuesday announcement was the first explanation of the length of the delay and how it might work. The tax agency hasn’t yet released full details about how the delay will work.

 

For more information please feel free to contact us at info@millermusmar.com or call us at 703-437-8877.

MillerMusmar CPAs is an established accounting firm with offices in Reston, Virginia and Manassas, Virginia. We have a twenty-five-year history of providing top quality auditing, tax, and accounting services to clients throughout the Washington Metropolitan area and internationally. By combining the expertise of a mid-sized firm with the personal attention, we are both large and small enough to deliver a responsive service to our clients. For more information, please visit our website at www.MillerMusmar.com. 

The U.S. Postpones April 15 Tax Payments for 90 Days for Most Americans, Internet [WSJ ]By Richard Rubin, March 17, 2020
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Reston, VA Office

MillerMusmar CPAs
2100 Reston Parkway Suite 400
Reston VA 20191
Phone: +1-703-437-8877
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