WHAT TO KNOW ABOUT TAXES AND COVID-19
TurboTax CPA Shares the latest IRS guidance and resources to help people file their taxes in this unprecedented time.
Recently, the Treasury and IRS issued guidance on deferring tax payments due to Coronavirus (COVID-19) and reiterated the federal tax deadline will remain April 15, 2020, for the tax year 2019.
The Treasury and IRS also announced the deferment of federal tax payments, interest-free and penalty-free, for 90 days, until July 15. Individuals and self-employed taxpayers can defer up to $1 million for tax year 2019 federal tax payments. This deferment also applies to tax year 2020 estimated tax payments previously due on April 15, 2020. That means if you owe money on your federal taxes, you will get more time to pay what you owe. Click here for help.