In a press briefing yesterday, Treasury Secretary Steven Mnuchin announced that individual taxpayers who owe up to a million dollars in federal taxes can defer paying until July 15. During the deferral period, these taxpayers will not be subject to interest and penalties. At this time, it is unclear exactly which payments this covers. We hope to have more information in the coming days.
The filing deadline for individual tax returns remains April 15, with the option to extend. Currently, this delay applies to the federal deadline. We are monitoring state decisions and will keep you informed of any changes.
Our plan is to continue working as usual, while keeping our clients and staff safe and healthy. We are encouraging you to continue to submit your tax information. If you have concerns, you can utilize alternative methods of submitting information. Landmark has a secure client portal on our website and secure links in our email signature lines where information can be uploaded. FedEx, UPS and mail options are available as well.
If you have questions about this payment extension, please contact us.