As a follow-up to our previous post, the IRS income tax filing and the deadline for making payments has been extended to July 15th. Taxpayers can delay paying their income taxes on as much as $1 million in taxes owed for up to 90 days. Corporations that owe up to $10 million will also be able to delay their payments until July 15th.
While several states, including New Jersey, have proposed legislation that follows the Federal extension, there have not been any official changes announced to the April 15th deadline. As soon as we learn of changes at the state level, we will keep you informed.
What this Means for You
Even with the extension, we are encouraging our clients to submit your tax-related documents and files to us as soon as possible. We are still receiving paperwork via mail and electronically. If you need assistance on how to send us your information securely or if you are unable to send us anything due to quarantine, please reach out to your MSPC partner.
As previously noted, your engagement team will be working with you directly and will provide specific recommendations on how and when your tax payments should be handled at the state and federal level. MSPC has the technology and infrastructure in place that allows us to work seamlessly and safely. At the present time, we are able to work on-site at your facility, if required. We remain committed to our goal of keeping everyone healthy while serving our clients to the best of our ability, now and when this crisis passes.
We expect to hear about further measures that the IRS and state treasury departments are taking to ease financial burdens in the upcoming weeks and months. As updates that impact your business or your individual tax situation become available, we will continue to communicate with you. We understand that this is a difficult time for everyone and we commit to helping you through it.
If there is anything we can do to offer you peace of mind during this unprecedented event, please don’t hesitate to contact us.