As the COVID-19 pandemic continues to wreak havoc on individuals and businesses across the country and around the globe, FinishLine Tax Solutions remains updated on the federal government’s continually developing tax relief options. In addition, the professionals at FinishLine Tax Solutions announce they are remaining committed to helping taxpayers during this tough time.
HOUSTON, April 14, 2020 /PRNewswire-PRWeb/ — As the COVID-19 crisis continues to wreak havoc on families and businesses across the country, Texas-based tax relief experts FinishLine Tax Solutions has announced they are increasing their efforts to help taxpayers throughout the United States with tax relief. This announcement comes as the federal government has announced several new tax relief measures to help families and businesses during this difficult time.
“We understand how the COVID-19 crisis is affecting families and businesses across America, both emotionally and financially,” said FinishLine Tax Solution’s CEO, Michael Avery.
“That’s why, in response to the federal government’s amplified tax relief measures, we are increasing our efforts to help taxpayers throughout the country get the tax resolution they need.”
In addition to providing families and business services with tax relief services including help with applying for payment plans with the IRS, declaring Currently Not Collectible status due to extreme financial hardship, and applying for an Offer in Compromise deal, FinishLine Tax Solutions is also here to remind taxpayers of the updated tax relief options for businesses and individuals provided as a result of the $2.2 trillion Coronavirus Aid, Relief and Economic Security Act.
For businesses and individuals who need tax relief, or who have questions about changes the federal government has made to tax resolution options, FinishLine Tax Solutions is here to help. As reported in MarketWatch on April 10, here are some of the most immediately important COVID-19 federal tax relief measures currently in place.
Extended Federal Tax Payment Deadlines
For taxpayers who owe taxes, there is good news. The federal government has posted federal tax payment deadlines. Individual taxpayers now have until July 15 to pay their federal income tax payments—the original due date for tax payments was April 15. This measure will cover any tax payments owed from 2019, and any estimated tax payments for 2020 that would have been due on April 15. Additionally, C Corporations, trusts, and estates that had tax payments due on April 15 also now have until July 15 to submit those payments. The federal government also announced that there are no limits on the amount of tax payments that can be deferred and that they will not charge interest or penalties during the deferral period.
Extended Federal Tax Return Filing Deadline
Taxpayers also now have until July 15 to file their federal income tax returns—the original filing due date was April 15. Additionally, July 15 is now the deadline to file federal income tax returns for 2019 for:
Individuals C corporations Trusts and estates Gift tax and GSST returns
Additional filing and payment postponements
Additionally, the IRS announced that nearly all federal tax payment and filing deadlines that would originally fall between April 1 and July 15 have been automatically postponed to July 15. No action is necessary on behalf of the taxpayer to take advantage of this deadline extension. This relief measure will most importantly affect taxpayers who were scheduled to make estimated tax payments for 2020 during this period.
The federal government is also making it possible for taxpayers to borrow up to $100,000 from their IRA with no tax penalties, as long as they pay the borrowed amount back within three years. In addition to the above, the federal government has also enacted several other important tax relief measures to help businesses and individuals get tax relief during this time of uncertainty.
For individual and business taxpayers in need of tax relief during the COVID-19 crisis, contact the professionals at FinishLine Tax Solutions. New clients can currently take advantage of free consultations from FinishLine Tax Solutions. For more information, visit our tax relief website or call 855-950-2720.
SOURCE FinishLine Tax Solutions