Status of Tax Relief and Filing Extensions related to CoronaVirus (COVID-19)

Federal Highlights:

 

  • Tax returns are STILL due on April 15, 2020
  • If there is a balance due with the 2019 income tax return, that amount DOES NOT have to be paid UNTIL July 15, 2020.
  • Penalties and interest charges that would normally be assessed WILL be waived
  • The 2020 Estimated Tax Payment that would normally be due on April 15 is now due on July 15.
  • There is NO guidance with regard to those taxpayers who have already filed their 2019 tax returns and set up automatic payments for April 15
  • There is NO guidance with regard to payroll taxes

税表还是2020年4月15日到期。 付税在2020年7月15日之前支付该金额, 通常将免除的罚款和利息费用。 通常应在4月15日到期的2020年预付税款,现在应在7月15日到期。没有关于工资税的指导)

Treasury Secretary Mnuchin announced on March 17 a series of tax relief measures designed to assist taxpayers and tax preparers during the coronavirus pandemic. During the press conference, he announced that individuals and corporations can delay their tax payments for 90 days from the April 15 deadline: Individuals can defer up to $1 million in payments and corporations can defer up to $10 million in payments. During that time, the IRS will not charge interest or penalties. Mnuchin’s announcement did not delay the April 15 filing deadline. The IRS has not yet issued formal guidance on the policy. The AICPA is working to confirm the specifics of these actions with the Department of Treasury and IRS. We will provide updates as soon as possible. We recommend holding off on taking any action or notifying clients until official guidance comes out.


New Jersey
There is no definitive word yet on tax relief or extensions in New Jersey. Often, New Jersey follows federal guidelines. On March 16, the New Jersey Assembly passed a package of bills to address the fallout from the coronavirus (covid-19) outbreak, including A-3841, which would extend the time to file gross income tax or corporation business tax return by one month. The bills still have to be passed by the Senate and signed by Governor Murphy.