U.S. Treasury Secretary Steven Mnuchin on Tuesday said that individuals and corporations will be able to defer 2019 tax payments to the IRS for 90 days, without penalty or interest, in light of the coronavirus outbreak.

In a separate announcement, the Internal Revenue Service noted that the deferral pertains only to the payment deadline for 2019 income taxes and does not impact IRS collection matters or installment agreements.

If you are currently in an installment agreement and have difficulty making your payment, we can help you seek a modification, if necessary. If you are a business owner, and your business has difficulty meeting its payroll tax liabilities, we can provide advice on how you can avoid personal liability.

If you have any questions or comments, please contact your Frazer Ryan attorney at 602-277-2010.