exclamation alert At Team Russo, we are doing our part to Keep our Clients Safe and Protected. Click here for more details.

We hope you and your loved ones continue to be safe and healthy during this medical crisis.

Recently (3/20/2020) the U.S. Treasury Department and Internal Revenue Service (IRS) issued updated guidance extending the due date to file a federal income tax return from April 15, 2020 to July 15, 2020 for any individual, trust, estate, partnership, association, company or corporation with a Federal income tax payment or Federal income tax return due April 15, 2020.

The updated guidance restates the extended time non-corporate tax filers have to pay up to $1 million of federal income tax (including self-employment tax), and corporate taxpayers have to pay up to $10 million of federal income tax liability from April 15, 2020 to July 15, 2020 without penalties or interest.

In addition, this relief includes extending the time to make Federal estimated income tax payments (including payments of tax on self-employment income) from April 15, 2020 to July 15, 2020.

There is no need to file an Application for Automatic Extension of Time to File U.S. Individual Income Tax Return (IRS Form 4868) or an Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns (IRS form 7004) to take advantage of the extended time.

No interest, penalties, or addition to tax for failure to file the Federal income tax returns or to pay the Federal income taxes will be incurred as a result of the postponement of the due date for filing Federal income tax returns and making Federal income tax payments from April 15, 2020 to July 15, 2020.

Please note that no extension is provided at this time for the payment or deposit of any other type of Federal tax, or for the filing of any Federal information return.

New York State also extended the deadline to file income tax returns and pay income tax liability to be in alignment with the Federal government, however, no official guidance has been provided.

We will continue to monitor these issues and will provide updates once additional information becomes available.

If you have any questions or concerns, please do not hesitate to contact our office.

Please note that this information is not legal advice and should not be construed to be legal advice.

Leave a Reply