Individuals can defer up to $1,000,000, corporations can defer $10,000,000
Treasury Secretary Steven Mnuchin said Tuesday that taxpayers can delay paying their income taxes on as much as $1 million in taxes owed for up to 90 days.
“If you owe a payment to the IRS, you can defer up to $1 million as an individual — and the reason why we are doing $1 million is because that covers lots of pass-throughs and small businesses — and $10 million to corporations, interest-free and penalty-free for 90 days. All you have to do is file your taxes, you’ll automatically not get charged interest and penalties,” Mnuchin said.
According to the World Health Organization, as of March 17, 2020, there are 173,344 confirmed cases of COVID-19 in 144 territories and countries
