In these trying times, we are determined to keep you apprised of happenings and suggestions on the fly.
If you the owner are currently on a recurring payroll, it might be a good idea to remove yourself from payroll until we get a better feel about repercussions of this virus. Even if you have processed a payroll for yourself–consider voiding it out. This can save or defer valuable payroll tax expenses. Also, recall you can still take distributions as needed to assist your home cash flow.
We are waiting to see details from Congress.
As you are aware, we are experiencing trying times. We want to reach out to you to let you know what we are doing for you, as well as what might be available out there to assist your business today and tomorrow. The future items will become clear once our vaunted elected officials stop class warfare and get to work.
As you are probably aware, the IRS has extended tax filing dates for individuals to July 15—an additional 90 days. Further, for those with balance dues, payment due dates are extended as well without incurring interest and/or penalties. We will focus on those with tax refunds as our first priority.
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The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.
To read the full article please visit: https://www.irs.gov/newsroom/tax-day-now-july-15-treasury-irs-extend-filing-deadline-and-federal-tax-payments-regardless-of-amount-owed
If you would like to stay up to date on the deadlines and relief options available pertaining to COVID-19, please visit: https://www.irs.gov/coronavirus