Federal Tax Deadlines Extended & Tax Relief Programs During COVID-19
The IRS has been tasked with collecting an unprecedented amount of taxes owed to fund the COVID-19 stimulus packages totaling more than $2.2 trillion ($2,200,000,000,000). The following release includes more information about the Federal tax payment deadline extension and related tax relief programs, as well as more information about what the stimulus packages mean for Americans with tax debt. The need to resolve unpaid taxes has never been greater, and with the help of our tax attorneys and their knowledge of the tax code, it will work out to your benefit if you act now.
The Federal Income Tax Filing & Payment Deadline Extension
In response to the COVID-19 event, the Treasury Department and the Internal Revenue Service announced they are extending the Federal Income tax filing deadline, as well as providing special payment relief to individuals and businesses.
If you owe Federal income taxes for 2019 the IRS is offering payment relief to individuals and businesses. The relief does not include any State tax payments, only Federal income tax payments.
For Individuals: If you owe Federal income tax payments (up to $1 million), your 2019 tax filing and payment deadline has been automatically extended to July 15, 2020. This includes all self-employed individuals, trusts, estates, and all other entities excluding C-Corporations. After July 15th normal IRS and State penalties and interest would apply.
For C-Corporations: If your business is a C-Corporation, your 2019 income tax filing and payment deadline has been automatically extended to July 15, 2020. If you are required to make estimated tax payments for 2020, the relief includes any estimated payments also due on April 15, 2020. Those estimated tax payments will now be due on July 15th. After July 15th normal IRS and State penalties and interest would apply.
Tax Relief Programs Are Available Until July 15
In addition to a filing and payment deadline extension for individuals and C-Corporations, the IRS is offering new and unannounced tax relief programs to help reduce or eliminate your tax burden. The 28 attorneys at J. David Tax Law have become privy to some leniency that the IRS is only going to extend for a short period of time. These programs expire on July 15, 2020. Schedule a fast, no-cost, confidential consultation with our firm to see if you qualify for these programs. From consultation to tax debt freedom, we can handle everything through the phone and with digital communication to prevent you from having to leave your office or home during this event.
What Happens After July 15, 2020?
If you do not file or make your federal income tax payments by July 15, 2020, beginning July 16, 2020, the IRS will assess penalties and interest. You can avoid these penalties and interest by paying your federal income tax by the extended deadline of July 15, 2020, or by seeing if J. David Tax Law can negotiate you into the tax relief programs offered by the IRS. Contact our firm for a fast, free confidential consultation. So, you don’t have to leave your home or office during this event, we can handle your entire case through telephone and digital communications.
The Stimulus Packages Will Impact Americans With Tax Debt
During this event, the Federal government and State agencies have announced stimulus packages totaling more than $2.2 trillion-dollars to help people navigate the short-term uncertainties in their lives and businesses.
The economic system in our country works in a way that taxpayer dollars are used to fund these types of efforts. Since the event began, the IRS has not stopped their collection attempts. In fact, the IRS has been tasked with collecting an even greater amount of tax debt to fund this historic initiative.
If you have unpaid taxes, now is the time to settle your tax debt with the IRS and state tax agencies. Our tax attorneys have been successful in negotiating better than expected settlements for our clients during this event. In some cases, we’ve been able to get terms accepted that were previously unheard of. Tax relief programs that clients didn’t qualify for previously, like an Offer in Compromise, are now viable options to help reduce their tax burdens.
Our team is here to help individuals and businesses throughout the United States with tax debt issues during the Coronavirus event. If you have Federal tax debt, State tax debt, Sales Tax debt, unpaid payroll taxes, bank levies, wage garnishments, tax liens, or unfiled returns, J David Tax Law is here for you and your family. In most cases we can get IRS or State wage garnishments removed within 48 hours.
For help achieving the best possible outcomes for your unique tax debt situation, schedule a fast, no-cost, confidential consultation. From beginning to end, we can handle your entire case over the phone and with digital communication to prevent you from having to leave your home or office during this event.
We provide tax solutions for our clients who have IRS and state tax debts, unfiled returns, audits, etc. We advise you on future compliance that enables your individual or business tax problems to be behind you for good.