The New 2019 Tax Deadline Relief in response to the Coronavirus Emergency

Today, the Treasury Department and IRS issued clarifying guidance to address industry confusion regarding the intent of Secretary Mnuchin’s press statements yesterday, which outlined new 2019 tax deadline relief in response to the Coronavirus emergency.

We would like to take this opportunity to share a link to the new guidance issued by the Treasury Department and IRS today.

Outline

  • 2019 tax return filing deadline remains April 15, 2020
  • 2019 tax payments due to the IRS are deferred for 90 days, interest-free and penalty free
  • Up to $1 million for individuals can be deferred for 90 days, to July 15, 2020. (*The $1 million individual threshold takes into account pass-through businesses that pay taxes through the individual code on their owners’ return)
  • Up to $10 million for corporations can be deferred for 90 days, to July 15, 2020

Engineered Tax Services will continue to keep you up-to-date on any changes throughout the Coronavirus (COVID-19) Pandemic

Recent Posts

IRS Guidance on I.R.C. § 41 Research Credit Refund Claims: What You Need to Know

Navigating the complexities of tax credits can be daunting, especially when it comes to the I.R.C. § 41 research credit. This credit, designed to incentivize research and development (R&D) activities, offers significant financial benefits but requires meticulous documentation and adherence to specific guidelines. Recent guidance from the IRS Office of Chief Counsel, outlined in Memorandum

Read More »

Can Cost Segregation Be Used as a Planning Tool in Real Estate Investments?

In the world of real estate investing, savvy investors are always on the lookout for strategies to maximize profitability and streamline financial management. One such strategy that has gained significant traction is cost segregation. But can cost segregation truly serve as a planning tool, beyond its immediate tax benefits? The answer is a resounding yes.

Read More »

Contact Us