Penalty and Interest Waiver

 |  2019 Arizona tax, Arizona, Tax

On March 17, 2020, Treasury Secretary Steven Mnuchin announced that, while the due date for filing 2019 tax returns would not be postponed, the IRS would waive penalties and interest on tax payments for 90 days. The waiver only applies to individual taxpayers owing up to $1 million in taxes and corporations owing up to $10 million in taxes.
At the time of publication, the IRS and Treasury had not yet issued guidance on how the waiver would be implemented.
Secretary Mnuchin stated that taxpayers are encouraged to still file timely returns, as the IRS is still processing them and many taxpayers receive refunds, which could be beneficial during the current crisis.
Leaders from the CPA community have been working with Arizona Senators and Representatives, plus the Arizona Department of Revenue (ADOR) to ensure ADOR is authorized to align with federal changes.
Look for updates as facts and guidance unfold.

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