On March 17, Treasury Secretary Mnuchin, along with President Trump, held a White House briefing in which he stated that if a taxpayer owes a payment to the IRS, they are able to defer payment for 90 days without penalty or interest. Individuals are able to defer payment up to $1 million and Corporations are able to defer payment up to $10 million.
The filing deadline however is not extended. Taxpayers are still expected to file by April 15th or file an extension. Secretary Mnuchin mentioned in his briefing that taxpayers are still able to file an extension, so it is our understanding the extension still allows for the deferral of the 90 days for payment.
Secretary Mnuchin encourages Americans who can file their taxes, to file them before April 15th in order to take advantage of the refunds that many Americans will get.
Indiana Department of Revenue continues to monitor the Internal Revenue Service (IRS) regarding possible changes to filing and payment due dates, and is prepared to follow suit. As of now, there is no word on if every state will follow the IRS in deferring payment. Those decisions will be shared as soon as they are made.
As you know, the situation is rapidly changing and new information is being made available constantly. We are committed to keeping you informed. On behalf of the entire Somerset team, thank you for your continued support and loyal business as we all navigate these unique circumstances. Please feel free to reach out to your advisor at 317-472-2200 or with any questions or concerns. As always, we are here and ready to help.