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April 15 Tax Payments Deferred Until July 15

Treasury Secretary Steven Mnuchin announced Tuesday that individual taxpayers who owe up to one million dollars in federal taxes can defer paying until July 15, while corporations can defer up to $10 million.

“All you have to do is file your taxes – you’ll automatically not get charged interest and penalties,” Mnuchin said. “We encourage those Americans who can file their taxes to continue to file on April 15, because for many you will get tax refunds, and we don’t want you to lose out on those funds.”

He said that taxpayers could still file for an extension, which would allow them to defer filing and payment until October 15. No specific mention was made of changing the filing deadline.

“From what we’ve seen so far, there is not a filing extension but only a payment extension. This means that clients will still need to file their tax return on April 15 or file for an extension. We at JRBT continue to try to minimize potential risk from COVID-19 as we work together toward April 15th and other reporting deadlines,” said Mike Reitmeier, president of JRBT.

“To protect both our staff and our clients against virus spread, we are recommending that where possible, we conduct information sharing using electronic options. We urge clients to take advantage of our client portal and SafeSend system to send and receive needed documents. We are happy to talk to clients about these electronic options and help them transition to their use,” he said.

“We are committed to our people, our clients and our communities and are monitoring this developing situation closely. Thank you for your patience and trust in JRBT during these unusual circumstances. If you have any questions or further concerns, please do not hesitate to contact our office,” he said.