Zinner & Co. Blog and Newsroom

Tax Filing and Payment Deadline Pushed Back to May 17

Posted by Zinner & Co. Tax Team on Mar 19, 2021 9:44:38 AM

The Treasury Department and Internal Revenue Service announced the federal income tax filing due date for individuals for the 2020 tax year has been pushed to May 17.

The IRS will be providing formal guidance in the coming days. However, individual taxpayers do not need to file any forms or call the IRS to qualify for the new federal tax filing and payment deadline.

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Topics: tax services, Taxes - Planning, Rules and Returns, Taxes - Individual, tax, taxes, income tax, IRS, Treasury Department

Families First Coronavirus Response Act

Posted by Zinner & Co. Tax Team on Mar 24, 2020 4:07:42 PM

The U.S. Treasury Department, Internal Revenue Service, and the U.S. Department of Labor announced small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees.

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Topics: IRS, Coronavirus, Treasury Department, COVID-19, Federal Assistance, Families First Coronavirus Response Act, Employee Leave

IRS Clarifies 90-Day Payment Relief

Posted by Zinner & Co. Tax Team on Mar 18, 2020 5:21:06 PM

On March 18, the Internal Revenue Service provided clarification to special payment relief for individuals and businesses in response to the COVID-19 Outbreak.

For individual returns, income tax payment deadlines with a due date of April 15, 2020, are automatically extended until July 15, 2020, for up to $1 million of their 2019 tax due.

This payment relief applies to all individual returns, including self-employed individuals, and all entities other than C-Corporations, such as trusts or estates. The IRS will automatically provide this relief to taxpayers. Taxpayers do not need to file any additional forms or call the IRS to qualify for this relief.

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Topics: tax services, Taxes - Corporate & Business, Taxes - Planning, Rules and Returns, Taxes - Individual, tax, taxes, income tax, Zinner & Co., Coronavirus, Treasury Department, COVID-19, Deferring Tax Payments

IRS Deferring Tax Payments by 90 Days

Posted by Zinner & Co. Tax Department on Mar 18, 2020 9:29:28 AM

Tax Deadline Remains April 15

While taxpayers still have to file their taxes by April 15, 2020, the deadline to pay taxes has been extended by 90 days until July 15, 2020.

During a March 17th press conference regarding the coronavirus pandemic, U.S. Treasury Secretary Steven Mnuchin announced taxpayers will have an additional 90-days through July 15, 2020 to pay their taxes, penalty-free and interest-free. 

He said individual taxpayers can defer up to $1 million of tax payments and corporations up to $10 million in tax payments.

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Topics: tax services, Taxes - Corporate & Business, Taxes - Planning, Rules and Returns, Taxes - Individual, tax, taxes, IRS, Coronavirus, Treasury Department, Steven Mnuchin, COVID-19, Deferring Tax Payments

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