• Tim Lofton

Not Kidding!

Timothy P. Lofton, Managing Partner - Cornerstone Consulting Group | CEO -The Retirement Blueprint™ | Author | Speaker

If I ask you to guess which was a lie: 1) The Bengals will win the Super Bowl or 2) Taxes are not due this year till July; you would probably be say BOTH! Well here is a hint - I think the Buc's are going to win the Super Bowl in 2021. Check back in a year ...


In an unprecedented move the IRS and Treasury Department just released guidance on deferring IRS tax payments. This provides some clarity to tax preparers and taxpayers as more fallout from the coronavirus continues.


This release of guidance comes a day after Treasury Secretary Steven Mnuchin announced that individuals will be able to defer up to $1 million and corporations will be able to defer up to $10 million for 90 days without penalties and interest.

 

Specifically, individuals, corporations and the self-employed can defer tax payments due April 15 until July 15. It states that the $1 million limit applies both to single filers and to married couples filing joint returns.


This extension applies to both taxpayers' 2019 taxes due on April 15 as well as federal estimated income tax payments due on that date that pertain to the 2020 tax year. 


Please note that the deadline to actually file tax returns has now also been extended to July 15. As is the case every year; people can request 6-month extensions with the IRS to file their returns.


The filing deadline extension is designed to help taxpayers financially and to make sure that people have access to the tax-preparation assistance they need. Tax professionals have been encouraging the extensions for several weeks.


Mnuchin said in a statement that the guidance will help to ensure that "hardworking Americans and businesses have additional liquidity for the next several months.” He also encouraged people to file their returns by April 15 "because many will receive a refund."


This on the heals of the U.S. Small Business Administration approval of the State of Ohio's application to qualify for the Economic Injury Disaster Loans as a result of the COVID-19 pandemic. Small businesses and nonprofits can now apply for up to $2 million in low-interest loans at DisasterLoan.SBA.gov.

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