If you have not applied for forgiveness, now is the time and the deadline may be fast approaching.
Due to the pandemic, the IRS has been forced to limit staff to only mission-critical functions. While tax returns and refunds continue to be processed, matters that are customarily handled over the phone have become more challenging.
All income tax filings and payments ordinarily scheduled between mid-April and mid-June have been delayed until July 15th. This means that any remaining taxes owed for 2019 as well as 2020 taxes on income earned through the end of May are due on that day.
On March 27, 2020, the President signed into law the CARES Act. The rollout of certain relief provisions like the SBA loan program for wage, rents and utilities may take several weeks to be up and running. Again, with the regular caveat that things are moving fast, here is a list of the CARES Act provisions that we believe to be particularly applicable to small business owners and individual taxpayers:
Taxpayers now have more time to file their tax returns and pay any tax owed because of the coronavirus (COVID-19) pandemic. The Treasury Department and IRS announced that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.
In recent years, the U.S. Treasury and Alabama Department of Revenue have become more accommodating to different tax payment methods. While the availability of bank draft and credit card payment options is nothing new, these methods are now available for free. Instead of fighting the tax day traffic at the post office, you can now…