by Kathy Sablone, JD, AEP®, Director of Wealth Planning
by In IRS Notice 2020-17 the Internal Revenue Service announced some relief for taxpayers affected by the COVID-19 pandemic. On March 20, 2020, Secretary Mnuchin also moved the filing deadline for all taxpayers.
Taxpayers may delay filing and paying 2019 Federal income taxes that would have been due on April 15. The new due date is July 15, 2020. This delay applies to taxes due of up to $1 million. This relief applies to all taxpayers, including trusts and estates.
Corporations may also delay paying taxes of up to $10 million. Many states, including Massachusetts, have announced that they will follow Federal relief guidelines.
The due date for Federal estimated tax payments that would have been due on April 15 for 2020 is also postponed to July 15. There has been no announcement of a delay for estimated tax payments due on June 15.
Please note that this situation is fluid, and it is possible that additional changes may be put in place in the coming days or weeks. You should always consult with your tax preparer regarding your specific income tax situation.
If you have any questions, please contact a member of our Estate and Financial Planning Group:
Kathy Sablone – [email protected] or 617-956-9712
Alisa Kim O’Neil – [email protected] or 617-275-0313
Important: This article does not contain any legal or tax advice. You should always consult with your attorney, accountant or other professional advisors before changing or implementing any tax, investment or estate planning strategy.
IRS Circular 230 Disclosure: Pursuant to IRS Regulations, we inform you that any tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax related penalties or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.