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UPDATE ON FILING AND PAYING YOUR TAXES

3/18/2020

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The Treasury Secretary made an announcement yesterday about tax relief due to COVID-19.

We expect the IRS to release detailed guidance soon, and we will share that information with you once it is available.

As of now, this is what we understand based on his announcement:
  • the individual filing deadline is still April 15
  • those who can file their taxes should file by the normal tax filing deadline
  • those who can’t file by the deadline should file an extension by April 15
  • taxpayers, both individuals and corporations, can defer a tax due payment, interest-free and penalty-free, for an additional 90 days after April 15

We anticipate the IRS will also address the following:
  • whether or not quarterly estimated tax payments can be deferred
  • any changes related to filing 1041 returns

Turner's Tax Service will continue to monitor this situation and keep you updated.

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    Federal and state tax laws and regulations change regularly.  As we become aware of changes, we will post them here and, if you are a client who has provided us with an email address, we will also email them to you.

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