Tax Filing Deadline Extended 90 Days

This morning, the US Treasury Secretary stated “We are moving Tax Day from April 15 to July 15” on Twitter. “All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”

Tax Developments: Payment Deadline Changes and New Legislation

Late Wednesday afternoon, Treasury released Notice 2020-17, which defined the previously discussed payment extensions. Tax payments due April 15, 2020, including both 2019 income tax payments and 2020 estimated income tax payments, are postponed until July 15, 2020. 

Coronavirus: Financial Reporting Considerations

Source: RSM US LLP.    The effects of the coronavirus are evolving rapidly and are unique for each entity’s circumstances. In addition to addressing the serious operational impacts of the coronavirus, it is important that all entities consider how the coronavirus affects their financial reporting.

3 Steps to Reduce Risk of Coronavirus Phishing Scams

Source: RSM US LLP.    With the coronavirus pandemic consuming attention and companies focusing on implementing safety, readiness and response measures, a surge in potentially harmful phishing scams has emerged.

State Tax Authorities Issue Special Coronavirus Provisions

Several state tax authorities have announced various relief provisions for businesses and individuals impacted by the Coronavirus.  In many cases, the provisions are an emphasis of relief provisions already available such as extensions to file

Deferral of Tax Payments

On March 17, 2020, Secretary of Treasury Steve Mnuchin announced the IRS will allow taxpayers to delay federal tax payments for 90 days after their due dates. This delay is both interest and penalty-free. For individuals, they can defer up to $1,000,000 of taxes owed

2020-10-05T10:43:30-04:00March 17, 2020|Categories: COVID Federal & State Updates, PBMares COVID-19 Insights, Tax: Individual|

Proposed Coronavirus Emergency Leave: Impact on Employers

On Friday the House of Representatives passed H.R. 6201, the Families First Coronavirus Response Act.  The legislation will be voted on by the Senate this week.  This act has bi-partisan support and is expected to pass quickly.  Once enacted, this bill has implications for many of our clients.

Extending the Deadline to Pay but not for Filing

Taxpayers are likely wondering why the federal government is extending the time to pay taxes, but not extending the time to file taxes.   Filing an extension is an easy process and can be done very easily by practitioners electronically through their tax software. 

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