Coronavirus Tax Relief
On March 18, 2020, The IRS issued guidance providing that it would waive penalties and interest on tax payments for 90 days. The waiver only applies to individual taxpayers owing up to $1 million in taxes and corporations owing up to $10 million in taxes.
On March 20, 2020, Treasury Secretary Steven Mnuchin announced via Twitter that the IRS and Treasury have delayed the due date for filing 2019 tax returns to July 15, 2020. At the time of this posting, no further guidance had been issued.
Secretary Mnuchin stated that taxpayers are encouraged to still file timely returns, as the IRS is still processing them and many taxpayers receive refunds, which could be beneficial during the current crisis.
Our office remains open, although subject to any federal, state or local quarantine or isolation order related to COVID-19. If you are a current client and have any questions regarding the filing of your tax return, please email us at email@example.com.