Lynn Paslowski CPA

Lynn Paslowski CPA

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You are here: Home / Uncategorized / Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak

Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak

March 18, 2020 By admin Leave a Comment

Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak

March 18, 2020

Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak

The Treasury Department and the IRS are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax returns remains April 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can’t file by the April 15, 2020, deadline, the IRS reminds individual taxpayers that everyone is eligible to request a six-month extension to file their return.

This payment relief includes:

  • Individuals: Income tax payment deadlines for individual returns, with a due date of April 15, 2020, are being automatically extended until July 15, 2020, for up to $1 million of their 2019 tax due. This payment relief applies to all individual returns, including self-employed individuals, and all entities other than C corporations, such as trusts or estates. IRS will automatically provide this relief to taxpayers. Taxpayers do not need to file any additional forms or call the IRS to qualify for this relief.
  • Corporations: For C corporations, income tax payment deadlines are being automatically extended until July 15, 2020, for up to $10 million of their 2019 tax due.
  • This relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020.

Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. If you file your tax return or request an extension of time to file by April 15, 2020, you will automatically avoid interest and penalties on the taxes paid by July 15.

The IRS reminds individual taxpayers the easiest and fastest way to request a filing extension is to electronically file Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Businesses must file Form 7004.

This relief only applies to federal income tax (including tax on self-employment income) payments otherwise due April 15, 2020, not state tax payments or deposits or payments of any other type of federal tax. Taxpayers also will need to file income tax returns in 42 states plus the District of Columbia. State filing and payment deadlines vary and are not always the same as the federal filing deadline. The IRS urges taxpayers to check with their state tax agencies for those details. More information is available at taxadmin.org/state-tax-agencies.

Filed Under: Uncategorized

How am I qualified to support you or become part of your business team?

I began practicing in 2001 after having worked in local and regional public accounting firms in New Jersey, specializing in small business and individual taxation. After graduating summa cum laude from Georgian Court University in 1998 with a Bachelors degree in Accounting, I went on to earn an MBA from Georgian Court in 2003 and also became a Certified Public Accountant. 

I have earned many awards and accolades throughout my academic career, graduating at the top of my class, and am currently an active member of the American Institute of Certified Public Accountants as well as the New Jersey Society of Certified Public Accountants.

Please contact me for more information on how I can help you come up with new and creative ideas to minimize your taxes and help grow your business. I look forward to speaking with you soon and earning your trust.

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