Following President Trump’s emergency declaration pursuant to the Stafford Act, the U.S. Treasury Department issued guidance on March 18, 2020, allowing all individual and other non-corporate tax filers to defer up to $1 million of Federal income tax (including self-employment tax) payments due on April 15, 2020, until July 15, 2020. No penalties or interest will be imposed with regard to the deferred payment.

The guidance also allows corporate taxpayers a similar deferment of up to $10 million of Federal income tax payments that would be due on April 15, 2020, until July 15, 2020, without penalties or interest.

This guidance does not change the April 15 filing deadline. The action will result in about $300 billion of additional liquidity in the U.S. economy in the near term.