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Treasury Department Extends Tax Payment Deadlines

March 18, 2020

By: Ferran Arimon & Amanda Wilson

On Tuesday, Treasury Secretary Steven Mnuchin announced that the Treasury Department will extend the April 15 tax payment deadline by 90 days with no penalties or interest.

Taxpayers will have a three-month grace period in which to pay the income taxes owed for 2019. This grace period will apply to federal income taxes due on up to $1 million in tax owed. Corporate filers will also get the same length of time to pay amounts owed for 2019 up to $10 million in tax owed.

To clarify, filers are still required to meet the April 15 deadline if they are expecting a refund or are requesting a six-month extension, but can defer payment for up to 90 days.

The Treasury Department has taken this action as part of a series of actions aimed at financial relief for those businesses and individuals affected by the economic consequences of the coronavirus.

We will continue to monitor regulation aimed toward curbing the economic impact of the coronavirus and make you aware of any financial and taxation relief offered by the government.

For up-to-date news please follow our Coronavirus (COVID-19) Response Team page. 

This article is informational only. You should consult an attorney before acting or failing to act. The law may change rapidly and no warranty is given. LOWNDES DISCLAIMS ALL IMPLIED WARRANTIES AND WITHOUT LIMITATION, ANY WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE. ALL ARTICLES ARE PROVIDED AS IS AND WITH ALL FAULTS. Consult a Lowndes attorney if you wish to establish an attorney/client relationship.
Amanda

A member of the firm’s tax practice, Amanda Wilson concentrates on federal tax planning and structuring. She represents clients in a wide variety of complex federal tax matters with a particular emphasis on pass-through entities such as partnerships, S corporations and real estate investment trusts.

Specifically, Amanda focuses on advising clients on the formation, operation, acquisition and restructuring of such pass-through entities. In addition, she regularly advises clients on the structuring and operation of private equity funds, real estate funds and timber funds. Amanda is the author of the Bloomberg Tax Management Portfolio 718-3rd Edition, Partnerships- Disposition of Partnership Interests or Partnership Business; Partnership Termination.

Amanda regularly works in structuring deals to benefit from tax advantaged structures, including like-kind exchanges, new market tax credits, low income housing tax credits, qualified opportunity zones, and investment tax credits available for solar and other renewable energy. Amanda also has extensive experience in corporate planning and international tax matters, as well as federal tax controversy. Her practice before the Internal Revenue Service (IRS) includes providing advice on audits and appeals, drafting protests and ruling requests, and negotiating settlements.

Prior to joining the firm, Amanda worked for Sutherland Asbill & Brennan LLP (now Eversheds Sutherland), an Am Law 100 firm in the Atlanta office, where she was part of Sutherland’s Tax Practice Group. Amanda has also served as an adjunct professor at Emory University School of Law where she taught Partnership Taxation.

Amanda regularly contributes to the firm’s Taxing Times blog and is a regular panelist on tax webinars hosted by Strafford Publications.

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