On March 17, 2020, Treasury Secretary Steven Munchin announced that taxpayers owing a payment to the IRS may defer the payment for 90 days with individuals allowed to defer up to $1 million, and corporations up to $10 million. No penalties and interest will be charged on these deferred payments.
UPDATE: On March 20, 2020, the IRS extended the due date to July 15, 2020 for all individual and business income tax returns that were due April 15, 2020. Michigan and has also extended the filing and payment deadline to July 15, 2020 and the City of Detroit has extended its filing deadline to July 30, 2020.
We will continue to monitor this issue and provide further updates when they become available.