IRS is giving some relief through this time of uncertainty. But what does that really mean?

COVID-19. I don’t think we’ll ever forget this time. A time where we’re so connected, yet forced to be away.

On March 21, 2020, the IRS released the information that the Federal Income Tax due date is being postponed from April 15 to July 15.

This is to offer some relief for all affected by COVID-19 and owe taxes. Here’s are my main takeaways from the IRS notice:

  1. Only tax due on April 15 is impacted by this release. If you’re a partnership or an S-Corp, your tax due date still March 15 or May 15
  2. If you expect to receive a refund, you can file now to receive your refund sooner
  3. If your state is not extending the Income Tax Due Date, you still need to file Federal Income Tax on April 15th or file for an extension
  4. You don’t need to be sick or affected by COVID-19 to take upon in
  5. To get nitty-gritty: the forms that ARE included on the extension are:
    1. Form 1040, 1040-SR, 1040-NR, 1040-NR-EZ, 1040-PR, 1040-SS
    2. Form 1041, 1041-N, 1041-QFT
    3. Form 1120, 1120-C, 1120-F, 1120-FSC, 1120-H, 1120-L, 1120-ND, 1120-PC, 1120-POL, 1120-REIT, 1120-RIC, 1120-SF
    4. Form 8960
    5. Form 8991
  6. IRS FAQ on publication – click here.

Those are unusual times – and we’re in this TOGETHER. If you’re experiencing hardship with your business, look up your state resources for relief. SBA is offering loans with low-interest rates during these hard times.

Let’s keep on supporting small businesses, practice gratitude daily and be connected by practicing social distancing. We’re all one.