Time is of the essence when dealing with the fallout of COVID-19. The United States government is seeking ways to relieve some of the pressure on families and businesses that are profoundly affected by the pandemic.
In an unprecedented action at the national level, Treasury Secretary Steven Mnuchin stated that taxpayers owing up to $1M in federal taxes may defer paying until July 15. The corporate limit is up to $10M.
The state filing deadline has been updated to July 15, but with the added extension of time to pay, the hope is that this will bring some relief to the American public.
April 10, 2020: Federal Tax Day – Current, I.1, IRS and Treasury Extend Due Date for Additional Filings and Payment Obligations (Notice 2020-23; IR-2020-66),
If you are “stuck home” at present, use the opportunity to gather your 2019 tax documents for your accountant to work on. File them on time, and, if you owe, save your dollars for a few extra months! Hopefully, by then, we will all be on the mend.
As always, if you are in need of advice or assistance, give C&B a call!