The Department of Treasury announced that the April 15 tax deadline will be pushed back for many individuals and corporations, giving them 90 extra days to pay their 2019 Federal tax.
Here is what we know:
• Individuals owing less than $1,000,000 can wait until July 15 to pay
• Corporations owing less than $10,000,000 can also defer payment until July 15
Here is what we don’t know:
• If the State of Michigan will follow suit and delay its deadline
• If Federal 2020 1st quarter estimates are still due on April 15 or if those will be deferred
As more details are released, we will be sure to keep you updated. Please contact anyone on the team at Baker Holtz at (616) 458-1835 for more information.