COVID-19 TAX RELIEF
COVID-19 TAX RELIEF
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.
This relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020.
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.
The due date for filing returns HAS NOT been extended. As has always been the case, an automatic 6 month extension can be applied for.
MARYLAND has announced that they will follow the federal extension of time for payments of 2019 tax – their extension does not appear to apply to 2020 estimated tax. DC and Virginia have not yet made an announcement.
Should you have any questions as to how this impacts you, please contact us.
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