Mnuchin Said . . .

There is nothing concrete on either the Treasury’s website or the IRS website and I tend not to believe things until I see them in writing in an official and irrefutable way. My skepticism aside, supposedly tax payments with an April 15 due date will be given a 90-day interest and penalty-free deferment. The limits are $1 Million for individuals and I don’t have any clients owning more than that . . . Keep in mind that if payments were due prior to April 15th – Estimated Payments, for example – interest and penalties will most likely still be assessed for them. Perhaps they won’t tack on extra interest and penalties but, again, they might. No details were provided and that’s where the devil tends to lurk. In practical terms, this means that the deferral will only apply to balances due after Estimated Payment requirements have been met in a timely fashion and April’s Estimated payments.

. . . and it may mean nothing at all since it’s not uncommon in this Administration for something to be said to the press for publicity purposes only to be refuted or defined into worthlessness later on.