The US Department of Treasury delays payments of the April 15th tax deadline to 90 days. This is a penalty free delay to pay not to file. You are still required to file timely returns.
At this time April 15th filing deadline remains in effect. You still have the option to file an six month extension of time to file, this will give you to October 15, 2020 to file your return.
The extension of time to pay gives individuals and Corporations an additional 90 days to send in their payments. Currently the guidance on this rule has not been written, once a written guidance is issued we will share any additional information with you.
Individuals and Corporations with due dates of April 15, this extension applies to you.
Individuals can defer up to $1 million in taxes due.
Corporations can defer up to $10 million in taxes due.
There is even an opportunity to delay your estimated quarterly tax payments.
Spencer Accounting Group, is focused on your safety and well being. We are for the foreseeable future 100% virtual, this will assist in adherence of social distancing and protect our families, our teams and all our clients. If you have any concerns please contact us.
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Spencer Accounting Group, LLC does not provide investment, tax, legal, or retirement advice or recommendations in these blogs. The information presented here is not specific to any individual's personal circumstances.
Keana Spencer is an Accountant, Entrepreneur, and Educator to her clients, with a strong passion. Keana has over 10 years of experience and through her practice, she is a source of knowledge and strategies to her clients.