On Wednesday, March 18, 2020, the Treasury Department and the IRS provided payment relief to individuals and businesses in response to the COVID-19 outbreak.  The filing deadline for 2019 individual, C-corporation and trust tax returns remains April 15, 2020.  An extension of time is available for those taxpayers unable to file by the due date. 

Payment relief is available for federal income tax payments due on April 15, 2020.  This includes payments for 2019 taxes and 1st quarter estimated tax payments for 2020 taxes.  These payments may be delayed until July 15, 2020 with no interest or penalties for late payment.   The special payment relief applies to individuals and trusts for payments up to $1 million and to C-Corporations for up to $10 million of their 2019 tax due.

This relief only applies to federal income tax payments (including self-employment tax) due on April 15, 2020.  It does not apply to state tax payments or any other type of federal tax (such as payroll tax). 

We will continue monitor the various tax legislative packages moving through Congress and keep you updated on how they may impact you or your business. Please feel free to contact us if you have any questions.

Clint is the Business Development Manager for Gollob Morgan Peddy.