You might be seeing reports of changes to the 2020 tax season deadlines. There is a lot of misinformation being reported and the IRS has not yet issued official written guidance. Here is what we know right now. Of course, we will keep you updated as information is confirmed.
Yesterday (Tuesday, March 17, 2020) Treasury Secretary Steven Mnuchin announced that the 2020 tax payment due date has been extended by 90 days, to July 15, 2020. As far as we know, this has not yet affected the filing date, which remains at April 15, 2020.
Here is what we know about the payment deferrals:
- Individuals may defer tax payments up to $1 million for 90 days (until July 15, 2020).
- Corporations may defer tax payments up to $10 million for 90 days (until July 15, 2020).
In the meantime, here are some additional resources for advice to help navigate this situation:
- Stay in touch with your lenders. Most lenders are working on some relief packages. Keeping a line of communication with them can help them to help you.
- Contact your insurance company to see if you qualify for relief under business interruption insurance.
- Contact your state and federal representatives and/or keep up with their newsletters/e-news. They will be a source for the relief that will soon be available.
- The U.S. Small Business Association has guidelines on relief and small business loan resources at SBA.gov.
- Our local Chambers of Commerce have been issuing resources and advice, regardless of membership status. Sign up for their e-newsletters.
- For local businesses, news outlets like Patch.com, Lehigh Valley Business, Montgomery News, and The Intelligencer, are good resources to keep up with local developments.
We will continue to keep you updated. If you have any questions, please call us (215-723-4881) or contact us online.