Coronavirus disease-2019: Treasury and the IRS’ American best interest continues unabated
Yesterday, the Treasury, together with the IRS announced extensions of over 300 Tax Filing. Payment and Administrative Deadlines in a continued effort to stop the impact of the ongoing coronavirus disease-2019. This comes in the middle of fears of a prolonged lockdown which the government fears might have devastating effects on businesses.
Here are a few pointers for you to understand this recent announcement better;
1. This recent action was to also include several fiscal year businesses. Tax-exempt organizations and certain estates and trusts in the fold of businesses who have been granted relief measures this month.
2. For these organizations, their tax returns have been postponed to July 15, 2020.
3. Tax return and payment deadlines for estate taxes and associated gift taxes, usually due within nine months from the date of death, are also postponed to July 15, 2020.
4. There’s more; an additional 270 administrative deadlines are also being postponed to July 15, 2020. More on this can be found on the treasury department’s website.
Your business might be falling under one of these categories. You might not be too sure you are one of the above mentioned, give us a call for further explanations before you go the wrong way and lose out on these benefits.
PS: Give us a quick call to ask more about the above and more. The last thing you want is to lose out on an opportunity to save your business from costs related to the COVID-19 pandemic for a fraction of the cost
If you have a question about what is happening and what needs to be done get Coronavirus Stimulus check. Go to our Coronavirus FAQ: The Cares Act. Don’t forget that we can help you file your taxes! Have a Free Quick tax Chat with Folasade.