Tax News Flash!
From the Desk of Diane Siriani, owner and Managing Member of Expatriate Tax Returns
As of today, the US Treasury Department and the Internal Revenue Service are providing special PAYMENT relief to individuals, estates, trusts and businesses in response to the COVID-19 Virus Outbreak. All income tax payments (including self-employment tax) are extended to July 15, 2020 without penalty or interest assessments.
THE FILING DEADLINE REMAINS APRIL 15, 2020. If you are a US individual resident or expat who owes tax, you must file your return or an extension by the April 15 due date to get payment, interest and penalty relief under this program. NO FILING, NO RELIEF!
If you are a C-Corporation, you will automatically receive the same payment extension date of July 15, 2020.
The payments that are extended are estimates due April 15, 2020, tax due per your filed return, extension payments due based upon your estimate of tax due. Payments extended for individuals are limited to $1,000,000; payments extended for C Corporations are limited to $10,000,000 of their 2019 tax due.
As of today’s writing, THIS EXTENSION ONLY APPLIES TO YOUR FEDERAL TAX RETURN. ALL STATE AND CITY RETURNS MUST BE FILED AND PAID BY APRIL 15, 2020 in order to avoid interest and penalty assessments.
