IRS and US Treasury Announce Relief for Taxpayers

Official guidance by the IRS and US Treasury Department was issued on March 18^th 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.

DISCLAIMER: The WM Daily Update COVID-19, COVID-19 Business Resources and COVID-19 Client News Alerts and other related communications are intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.