ACRAsphere Home
ACRA Homepage
As the situation surrounding COVID-19 continues to evolve, ACRA is committed to supporting its member firms through our programs and information distribution. Please continue to visit the ACRAsphere and ACRA on Facebook and LinkedIn for the latest on the industry and resources for your firm.
While many ACRA member firms are continuing to conduct fieldwork and other operations right now, preparing their businesses for any potential negative effects is on the minds of many in the industry right now. Two recent announcements from the federal government - extension of the tax payment deadline and the availability of disaster relief loans for small businesses - can help both business owners and employees preserve cash at this time. More information on both of these announcements is below.
The US Department of Treasury has announced an extension on the April 15 tax payment deadlines. Individuals can defer tax payments of up to $1 million for 90 days, which extends the April 15 deadline to July 14, 2020. This is intended to cover individuals and small businesses, including partnerships and S corporations. Corporations can defer tax payments of up to $10 million for 90 days.
There are no special forms that need to be filed in order to take advantage of these extensions. Treasury Secretary Mnuchin remarked:
"If you owe a payment to the IRS, you can defer up to $1 million as an individual — and the reason why we are doing $1 million is because that covers lots of pass-throughs and small businesses — and $10 million to corporations, interest-free and penalty-free for 90 days. All you have to do is file your taxes, you'll automatically not get charged interest and penalties.
While the payment deadline has been extended, the filing deadline has NOT - it is still April 15. More information on the tax payment extension can be found here.
Login for easier commenting: