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Treasury extension for April 15 tax payments

zandw619
Level 3

With respect to the Treasury tax payment extensions how and when are you advising clients to pay their April and June 2020 tax estimates?

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dascpa
Level 11

Wait until we have facts to answer these questions.  Same with paying for trusts, and anything else.  No official rules are out yet.

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2 Comments 2
dascpa
Level 11

Wait until we have facts to answer these questions.  Same with paying for trusts, and anything else.  No official rules are out yet.

rbynaker
Level 13

I think it's too early to tell.  Ask me again in 3 1/2 weeks.

The reality is that underpayment interest is much cheaper than credit card interest.  So if there is potential for the client to have cash flow problems they are likely in a better position to know where to "invest" their money.  Keeping the electricity on and buying groceries is a higher priority than keeping square with the IRS.

Rick