COVID-19 Tax Update

From the now “Remote” Desk of Liliana Ayon Huerta, Tax Advisor


It’s official the tax filing deadline will be delayed to July 15! Due to the COVID-19 Outbreak and with all the chaos around the world. We would like to bring you a little peace of mind! Right now, we believe we need to help each other more than ever before. 

If you are one of the lucky ones that will have a balance due at the end of the filling season this message is for you! If you can help by spreading the word to your loved ones, your effort is greatly appreciated. 
As of Friday, March 20, 2020- The Treasury Department and Internal Revenue Service have decided to extend the deadline from April 15, 2020 to July 15th, 2020. 

The announcement comes after lawmakers and tax preparers requested to extend the filing deadline to avoid any confusion. The suspension will include interest, and additions to tax. So, what does this mean and why does it apply to you?
The deadline to file and pay (Tax Year 2019) has been delayed to July 15th, 2020.
If you are the following;Corporations and other unincorporated entities-

  • Payments due of up to $10 million have an extension to file and pay has been officially moved to July 15th, 2020

Individuals (Regardless of Filling Status) –

  • Payments due of up to $1 million have extensions to file and pay has been officially moved to July 15th, 2020

We will update you with more information as it becomes available to us. We wish you nothing but great health for you and your loved ones.

This Information was gathered through IRS GuideWire, and The HillNotice 2020-17; Payment relief on account of Coronavirus Disease 2019 (COVID-19) emergency. “https://www.irs.gov/pub/irs-drop/n-20-17.pdf”The Hill article by Noami Jagoda “https://thehill.com/policy/finance/488613-mnuchin-treasury-is-moving-filing-deadline-to-july-15″

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