TAX FILING DEADLINE EXTENDED FOR INDIVIDUALS AND CORPORATIONS
TAX NEWS FLASH
TAX FILING DEADLINE EXTENDED TO JULY 15 FOR INDIVIDUALS AND CORPORATIONS
Secretary of Treasury, Steven Mnuchin, announced Friday that tax filing deadlines for individuals, trusts, and corporations have been extended until July 15, 2020, instead of April 15, 2020, to help taxpayers during the COVID-19 pandemic. This follows an earlier IRS announcement this week that delayed the payments of taxes due for individuals and corporations until July 15, 2020.
Under the new rules, the deadline for filing these 2019 tax returns is now July 15th. Taxpayers can delay payment of taxes due on these returns until the same date without incurring any additional penalties and interest. No extension forms need to be filed and there are no longer limitations on the amounts for tax payments you can postpone until the due date. Estimated payments originally due on April 15, 2020, have also been postponed until July 15, 2020.
The changes in these deadlines are part of the federal government’s response to provide relief during the coronavirus pandemic. Taxpayers are encouraged to file their returns as soon as possible but have been allowed additional time to deal with the global crisis.
Additional details will be coming shortly, including the effect on state tax return due dates. We will continue to update you as we learn more. Please contact us directly with questions.
THE SQUIRE TEAM IS AVAILABLE TO HELP YOU
Our team of trusted professionals is available to help you. We are ready and able to serve your needs during this time. We encourage the use of our online and secure document transfer tools to speed up processing and communication as we have shifted to a remote workforce for health and safety reasons.
Understanding your potential tax liability or benefits will be critical for you in the short term. Our team stands ready to help you plan for and prepare your tax filings under the new guidance and rules issued this week. We will help to ease this burden to allow you to focus on other important matters.
COVID-19 ECONOMIC ASSISTANCE FOR SMALL BUSINESSES
Important stimulus packages have been introduced by federal, state, and local governments for businesses. These include special small business loans, payroll tax relief, sick leave rules, etc. We can help you to understand how these packages apply to you, your business, and your employees.
FINANCIAL RESOURCES FOR INDIVIDUALS AND BUSINESSES
Sharp stock market declines and increased volatility have been our recent normal, bringing investor anxiety and investment strategy into the forefront. Our Squire Wealth Team can provide custom guidance and plans based on your preferences and goals, as well as providing a second opinion to your current situation.