The COVID-19 pandemic has prompted the U.S. Department of Treasury to announce a three-month extension for taxpayers to pay their income taxes owed for 2019. The parameters of this include:
- Individuals may defer up to $1 million in federal income tax payments
- Corporations may defer up to $10 million in federal income tax payments
Whether it be an individual or a corporation, all those deferring payments may do so for 90 days without incurring interest or penalties.
It is important to note that this is simply an extension regarding federal income tax payments. April 15th is still this year’s tax deadline and your return should still be filed by this date unless you work with your accounting professional to secure a filing extension.
The COVID-19 pandemic has not, and will not, slow the efforts of our team to get the returns of our clients filed on time. We continue to watch the information coming out from the U.S. Department or Treasury and the IRS, as we expect more information about aide for those facing economic challenges to be outlined in the coming days. We will certainly keep you posted.
If you have any questions whatsoever about your tax filings, please reach out to your contact at H&M directly. We are working tirelessly to serve you this tax season, no matter the circumstances.