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Tax Deadline Delayed and More

The federal income tax filing deadline has been extended to July 15 from April 15.  Meanwhile, refundable payroll tax credits have become available under the Families First Coronavirus Response Act signed into law on March 18 and it was announced last week the Internal Revenue Service has established a web page with information for those affected by the coronavirus.

The IRS urges those due refunds to file as soon as possible as most are being issued within 21 days.

Under the automatic extension from April 1 taxpayers can defer payments without penalties or interest, regardless of the amount owed. This applies to all taxpayers: individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax. No additional forms need to be filed although those who need additional time can request an extension

The new payroll tax credits are designed to reimburse employers, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees.

Employers receive to 80 hours of paid sick leave and expanded paid child care leave when employees' children's schools are closed or child care providers are unavailable. Employers receive 100-percent reimbursement with health insurance costs included and no payroll tax liability. Self-employed persons receive an equivalent credit. Businesses with fewer than 50 employees are eligible for an exemption. 

Besides extending the deadline, the IRS has temporarily Taxpayer Assistance Centers and discontinued face-to-face service throughout the country until further notice. 

 

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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