As we continue to monitor the financial and tax updates and implications stemming from the impact of COVID-19, it’s important to sort through the proposals and speculation and remain focused on tasks at hand.
At this time, the IRS has extended the PAYMENT deadline by 90 days, but the deadline to FILE remains April 15, 2020. In light of the unchanged April 15 filing deadline, we urge you to provide your accountant with your tax information as soon as possible.
There has been no guidance as it relates to 2020 estimated tax payments or the extension of payment for payroll taxes.
For up-to-date information, the IRS has a new website, irs.gov/coronavirus, which is “focused on steps to help taxpayers, businesses and others affected by the coronavirus” (COVID-19), but at this time we are only hearing proposals and speculation.