|In light of current events and potential financial difficulties caused by the COVID-19 outbreak, the Internal Revenue Service (IRS) has postponed the 2019 federal income tax payment deadline until July 15, 2020.|
Those who owe payments up to $1,000,000 as individuals or $10,000,000 as a corporation may claim this 90-day delay in payment without interest or penalties.
It’s important to remember that this only applies to payments. Taxpayers must still file their 2019 tax returns as usual by April 15, 2020, or file for an extension.
I recommend that you consult your tax, legal, and accounting professionals before modifying your existing tax strategy. While it’s my intention to keep you updated on the most recent information, this is not a replacement for real-life tax advice, so be sure to reach out with questions.
As always, I’m here to help anytime.
|The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2020 FMG Suite.|
 IRS.gov, March 18, 2020
 USA Today, March 17, 2020