Treasury Secretary Steve Mnuchin announced Tuesday that individuals would be allowed to defer up to $1 million in tax payments for up to 90 days. He also said the administration was considering sending checks to Americans.
“We encourage those Americans who can file their taxes to continue to file their taxes on April 15, because for many Americans, you will get tax refunds,” he said Tuesday in a news conference.
If you owe a payment to the IRS, you can defer up to $1 million as an individual, Mnuchin said. “The reason we’re doing $1 million is that covers lots of pass-throughs and small businesses and $10 million to corporations — interest free and penalty free for 90 days,” he said.
“All you have to do is file your taxes; you’ll automatically not get charged interest and penalties.”
Mnuchin added that the administration is not taking away the right to file for an extension.