2019 Tax Payments Delayed
U.S. Treasury Secretary Steven Mnuchin held a press conference yesterday, 17 March 2020, and announced that individuals and corporations can delay tax payments due with their 2019 tax returns for 90 days to infuse cash into the economy during these challenging times. Individuals can defer up to $1 million, corporations can defer up to $10 million, and the IRS will not charge penalties or interest during that time.
Secretary Mnuchin urged Americans to file their returns as soon as possible since the average refund is over $3,000, and the filing deadline has not been extended. I will follow up with more information on this topic as soon as the IRS releases further guidance. As of the time of this message, the Kentucky Department of Revenue has not offered any guidance on this topic.
O most mighty and merciful God, in this time of grievous sickness, we flee unto thee for succour. Deliver us, we beseech thee, from our peril; give strength and skill to all those who minister to the sick; prosper the means made use of for their cure; and grant that, perceiving how frail and uncertain our life is, we may apply our hearts unto that heavenly wisdom which leadeth to eternal life; through Jesus Christ our Lord. Amen.