Coronavirus and Tax Payments – Welcome Relief

Among the unexpected challenges our nation faces in dealing with the coronavirus, it comes at a time when accounting professionals and individuals alike face the annual challenge to timely file income tax returns under the best of circumstances. For couples in the process of divorce, ordinary challenges become extraordinary challenges. 

For those balancing social distancing and the consequences on family and career, we have good news to share! The United States Treasury announced measures to defer 2019 tax payments in reaction to the coronavirus outbreak. Dates, deadlines and facts to note and to discuss with your tax preparer are as follows:

1. Payment Date Change: The due date for payments moves from April 15, 2020 to July 15, 2020.

2. Payment Deferral Amount: Individuals may differ up to $1 million in tax payments to the Internal Revenue Service. Corporations may defer up to $10 million in tax payments.

3. Payment Deferral Consequences: All deferrals will be interest-free and penalty free.