Congressman Mitchell Statement on IRS Extending Tax Payment Deadline
WASHINGTON - Congressman Paul Mitchell (MI-10) released the following statement after Treasury Secretary Steve Mnuchin announced the IRS will defer tax payment due dates and associated tax penalties for 90 days for individuals and small businesses:
"Last week, I sent a letter to the IRS with Rep. Josh Gottheimer (NJ-5) urging them to extend this year's tax filing deadlines for individuals and businesses by 90 days. I am pleased to see the IRS responded to this request by announcing it will allow small businesses and families the ability to defer payments of any taxes owed. Americans should be focused on the health and safety of their families and communities, and this move by the IRS gives much needed financial flexibility during this time.
To read the letter, click here.
- If possible, taxpayers should continue to file their taxes by April 15 as normal. Many taxpayers will get refunds and this will help provide additional funding to families that need it. However, if an eligible taxpayer owes a tax payment, they have the option to defer.
- The delay is available to individuals and small businesses who file as individuals who owe up to $1 million or less.
- The delay applies to other categories of small businesses, sole proprietors, and corporations owing up to $10 million.