Treasury extension for April 15 tax payments

[zandw619]

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

[dascpa · Accepted solution]

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

[rbynaker]

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