Dear valued client,
The Treasury Department and the Internal Revenue Service are providing special tax filing and payment relief to individuals and businesses in response to the COVID-19 outbreak. The IRS urges taxpayers who are owed a refund to file as quickly as possible.
“This filing and payment relief includes:
The 2019 income tax filing and payment deadlines for all taxpayers who file and pay their Federal income taxes on April 15, 2020, are automatically extended until July 15, 2020. This relief applies to all individual returns, trusts, and corporations. This relief is automatic, taxpayers do not need to file any additional forms or call the IRS to qualify.
This relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020.
Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. You will automatically avoid interest and penalties on the taxes paid by July 15.”
State tax returns
This relief only applies to federal income tax returns and payments otherwise due April 15, 2020, not state tax payments. We are still waiting for guidance from the state of Illinois.
For more information, please contact:
Ann Behrens, CPA, CVA