Linda A Hamilton, CPA PLLC

April 15th Tax Filing Deadline - Update In a press conference on Tuesday, Treasury Secretary Steven Mnuchin announced that individuals and corporations can delay their tax payments for 90 days due to the coronavirus pandemic. 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 that time, the IRS will not charge interest or penalties. IRS has not yet issued formal g...uidance on the policy. Mnuchin’s announcement did not delay the April 15 filing deadline. The situation is still unfolding, but our preliminary thoughts are: 1. Individuals and businesses are still eligible to file for six-month extensions, so it may make sense for those who wish to delay payment, to file for an extension. Your tax return or an extension of time to file must be submitted on or before April 15th. At the moment electronic filing is not disrupted. 2. If you owe money, you can file your tax return on time by April 15 and defer payment of your balance due until July 15. IRS is waiving interest and penalties through July 15th. 3. If you expect a refund, file your return as soon as possible. 4. If you file for an extension, you can wait to pay an tax due until July 15. IRS will waive penalties and interest as long as you pay by July 15. 5. We are keeping a close eye on the situation and will post updates as information becomes available. 6. State responses have varied widely and NY has not yet issued anything definitive. Check with your state for updates.

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Best practices for individuals and businesses in the fight against data breaches.