As president of Capital Preservation Services, LLC, Todd Mardis provides clients in Flowood, Mississippi, with knowledgeable tax and estate planning services. Todd Mardis also focuses on the developments in policy regarding the tax filing deadline in response to the coronavirus outbreak.
Recently, the White House announced a proactive measure of deferring tax payments 90 days past the usual April 15 deadline. As reported on CNN, all US citizens now having three additional months in which to file as well.
This move reflects the temporary closing of many enterprises, which range from large corporations in major industries to small businesses, as a way of limiting the spread of the virus. With economists expecting a spike in unemployment claims, the extension also provides a welcome breathing room to ordinary taxpayers uncertain about their short term finances. For small businesses, the payments that can be deferred without penalty or interest extend as high as $1 million, while corporations can defer as much as $10 million
With the IRS deadline change applying only at the federal level, individual states still have discretion over when state tax payments are due. It makes sense to consult with an experienced tax consultant in staying within the rules of the law and exerting maximum tax savings.
Recently, the White House announced a proactive measure of deferring tax payments 90 days past the usual April 15 deadline. As reported on CNN, all US citizens now having three additional months in which to file as well.
This move reflects the temporary closing of many enterprises, which range from large corporations in major industries to small businesses, as a way of limiting the spread of the virus. With economists expecting a spike in unemployment claims, the extension also provides a welcome breathing room to ordinary taxpayers uncertain about their short term finances. For small businesses, the payments that can be deferred without penalty or interest extend as high as $1 million, while corporations can defer as much as $10 million
With the IRS deadline change applying only at the federal level, individual states still have discretion over when state tax payments are due. It makes sense to consult with an experienced tax consultant in staying within the rules of the law and exerting maximum tax savings.
