Valued PDR CPAs Clients,
The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak. Please look to our website, social posts and future email newsletters regarding new developments as they occur.
COVID-19 UPDATE: IRS TAX PAYMENTS for 2019 calendar year
in light of the COVID-19 outbreak, there have been changes to the 2019 Tax Returns – This includes extensions on payments.
The IRS has announced on their website https://www.irs.gov/coronavirus the following:
For individuals: Deadlines for individual returns, with a due date of April 15, 2020, are being extended until July 15, 2020, for up to $1 million of individual 2019 tax due. Payment relief applies to all individual returns, including self-employed individuals, and all entities other than C-Corporations, such as trusts or estates. The IRS will automatically provide this relief to taxpayers. Taxpayers do not need to file any additional forms and should not call the IRS to qualify.
For corporations: For C Corporations, income tax payment deadlines are being automatically extended until July 15, 2020, for up to $10 million of 2019 taxes due.
Please note: This relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020 for individuals and corporations.
Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. If you file your tax return or request an extension of time to file by April 15, 2020, you will automatically avoid interest and penalties on the taxes paid by July 15.
It is important to know the filing deadline for tax returns remains April 15th, 2020. We can electronically request an automatic extension.
Because we are taking the spread of this virus so seriously, we are working on a plan of action in the event that our physical office needs to close.
Should this occur, we want to assure you that our work will not be disrupted as we move to a completely virtual environment. We are making the appropriate adjustments to ensure that each of our team members are able to work remotely for as long as they may need to.
If any major changes occur, such as the need for an office closure, we will update you immediately with details.
If you have any questions or further concerns, please do not hesitate to contact our office at 727-785-4447.
Thank you for your patience and trust in PDR CPAs + ADVISORS during these unusual circumstances.