Official guidance by the IRS and US Treasury Department was issued on March 18th regarding deferments available for individual, non-corporate and corporate taxpayers.
According to the press release issued by the US Treasury, this Grant of Relief will allow individuals, and other non-corporate tax filers, the ability to “defer up to $1 million of federal income tax and includes self-employment tax payments due on April 15, 2020, until July 15, 2020, without penalties or interest.” Corporate taxpayers may “defer up to $10 million of federal income tax payments due on April 15, 2020, until July 15, 2020 without penalties or interest.”
Treasury Secretary Steven T. Mnuchin stated “Americans should file their tax returns by April 15 because many will receive a refund. Those filing will be able to take advantage of their refunds sooner.”
To read the entire press release, click here.
We are available to answer questions regarding how the tax relief deferments may affect your own tax filings and payments. Please contact us by phone at 215-675-8364.
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