Families and Small Businesses get immediate relief from tax payments

March 18, 2020 — Blog   

Key Facts:

-The Treasury Department today provided further guidance on their work to allow taxpayers to defer tax payments due to the novel coronavirus.

-This relief is targeted to provide taxpayers affected by the COVID-19 emergency with up to $300 billion in liquidity for the next couple of months.

-Who qualifies? Any individual who owes less than $1 million or corporation that owes less than $10 million.

-The relief will be automatically provided to taxpayers. No additional forms are required to be filed.

-The filing deadline for tax returns remains the same: April 15, 2020.

Details:  The President and the Treasury Department are providing payment relief to families and businesses in response to the Coronavirus. All eligible taxpayers qualify for a deferral of their tax payment until July 15, 2020 with no penalties or interest.  This relief includes estimated quarterly tax payments due April 15. For individual taxpayers who are unable to file by the April 15 deadline, they remain eligible to request a six-month extension to file their return. For taxpayers that expect to receive a refund, the IRS encourages filing as soon as possible. The sooner those taxpayers file, the sooner they can receive their refunds.

Guidance can be found here: https://www.irs.gov/pub/irs-drop/n-20-17.pdf

IRS resource page on Coronavirus Tax Relief: https://www.irs.gov/coronavirus