The impact of the Coronavirus (COVID-19) prevention and containment measures can be seen across the Atlanta area. The closure of area public schools, cancellation of various conferences, limited access to restaurants and the restriction on gathering sizes speak to the seriousness of prevention efforts. While necessary, these changes are expected to have an adverse impact on businesses across a number of industries. To help impacted individuals and businesses, Congress has been working to create and pass legislation to bolster those impacted by the illness. While these efforts continue, there have been tax filing and other changes made to help individuals and businesses to manage through the pandemic. To help clients, prospects, and others, Wilson Lewis has provided a summary of key details below.
Tax Deadline Changes
On March 17th, Secretary of Treasury Steve Mnuchin announced the IRS will permit taxpayers to delay federal tax payments for 90-days after their standard due date. This delay is both interest and penalty-free and permits individuals to defer up to $1M and corporations up to $10M in taxes owed. Since many individual taxpayers receive a refund, they have been encouraged by the Trump administration to file on or before the April 15th deadline.
While the states of Georgia and Florida have not officially extended filing deadlines it’s expected this will happen when the IRS announces an extension period. However, both the North Carolina and South Carolina Departments of Revenue (DOR) has issued an extension for state tax filings.
Contact Us
The rapidly changing situation requires Atlanta businesses to carefully review all aspects of operations including financial reporting and tax filings and compliance. There are opportunities to delay the filing and payments of various federal and state taxes for Atlanta businesses. While the Trump administration continues to assess other tax benefits such as a payroll tax holiday, unfortunately, nothing has yet to be finalized. If you have questions about filing deadline changes and impact on your situation, Wilson Lewis can help. For additional information call us at 770-476-1004 or click here to contact us. We look forward to speaking with you soon.
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