The Internal Revenue Service has delayed the April 15 tax payment deadline until July 15 for most individuals and businesses to relieve some of the adverse economic impacts of the novel coronavirus pandemic, the agency said Wednesday.
People and pass-through businesses with tax liabilities of less than $1 million and corporations with tax bills of up to $10 million have three additional months to file their taxes, the Internal Revenue Service said in a notice. President Donald Trump’s declaration of a national emergency earlier this month gave the U.S. Department of the Treasury authority to delay the payment deadline under Internal Revenue Code Section 7508A , according to the notice.
The extension doesn’t apply to tax filing deadlines, the IRS said. Treasury Secretary Steven Mnuchin had announced the relief Tuesday as part of the federal government’s plans to grapple with the economic fallout from COVID-19, the disease caused by the virus.
If you or your business have a tax concern, contact the former IRS attorneys at Wilson Tax Law Group at 949-397-2292.
The Newport Beach Tax Attorney blog is dedicated to tax issues serving Orange County and Southern California. Posts cover recent news and tax cases including audits, tax litigation, IRS, and cryptocurrency tax issues. For more on the Orange County Tax Attorney Joseph P. Wilson, visit https://www.wilsontaxlaw.com or 949.397.2292
IRS Payment Deadlines Extended
Subscribe to:
Post Comments (Atom)
Tax Savings - Expanded Energy Tax Credits
Individuals who make energy improvements to their existing residence including solar, wind, geothermal, fuel cells or battery storage may be...
-
Just like the IRS, the California Franchise Tax Board (FTB) also has a program to allow one spouse to be relieved of existing joint liabilit...
-
Individuals who make energy improvements to their existing residence including solar, wind, geothermal, fuel cells or battery storage may be...
-
Press Release FOR IMMEDIATE RELEASE TIGTA Report Number: 2022-10-043 Newport Beach, California A recent August 19, 2022 Treasury Inspector G...
No comments:
Post a Comment