IRS COVID-19 Update

On Wednesday afternoon, the Internal Revenue Service (“IRS”) issued Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic (Notice 2020-17).

Among other things the Notice defers filings and payment deadlines to the IRS. Specifically, the Notice provides:

Individual taxpayers regardless of filing status, with a tax liability of $1,000,000 or less may defer payment of that amount until July 15, 2020, without interest or penalty. - The liability threshold is the same for a single individual and married individuals filing a joint return.

Corporate taxpayers with a tax liability of $10,000,000 or less may defer payment of that amount until July 15, 2020, without interest or penalty. - The determination is made at the group level for larger corporate taxpayers.

Estimated income tax payments due April 15, 2020, are deferred until July 15, 2020, without interest or penalty.

For more information, check out the guidance from the American Institute of Certified Public Accountants (“AICPA”) on their website and we encourage you to contact your CPA as we are not tax preparers. 

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