The American Institute of CPAs is calling on the Internal Revenue Service to extend the tax filing deadline along with the recent decision to extend the payment deadline.
Treasury Secretary Steven Mnuchin announced Tuesday that individuals would be allowed to defer up to $1 million in tax payments for up to 90 days.
The IRS released the formal notice on Wednesday.
“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.