IRS Extends Federal Tax Deadlines & Offers Tax Relief Programs During COVID-19
With the stimulus packages totaling more than $2.2 trillion ($2,200,000,000,000), the IRS has the responsibility and marching orders to collect an unprecedented amount of taxes to help fund this initiative. The result will be a greater need for taxpayers to resolve unpaid taxes. With the help of our tax attorneys in Jacksonville, FL, and their knowledge of the tax code and tax relief programs, it will benefit you to act now if you have tax debt.
The following release includes more information about the Federal tax payment deadline extension and related tax relief programs, as well as more information about how the stimulus package will impact Americans with unpaid taxes.
IRS Extends Federal Income Tax Deadlines
To help Americans impacted by the COVID-19 event, the Internal Revenue Service and the Treasury Department announced they will extend the Federal Income tax filing deadline and they will offer special payment relief for individuals and Corporations. Currently, the relief only applies to income tax payments. State tax payments are not included.
Individuals: The 2019 tax filing and payment deadline have been extended to July 15, 2020 for Federal income tax payments (up to $1 million). Self-employed individuals, trusts, estates, and all other entities except for C-Corporations are included. If you don’t file or pay by July 15, 2020, normal IRS and State penalties and interest will be applied.
C-Corporations: The 2019 income tax filing and payment deadline have been extended to July 15, 2020 for C-Corporations. If you are required to make estimated 2020 tax payments, the payment relief includes your estimated payments also due April 15, 2020 (up to $10 million). These payments are now due July 15, 2020. If you don’t file or pay by July 15, normal IRS and State penalties and interest will be applied.
Tax Relief Programs Available During Extension
The IRS is offering new and unannounced tax relief programs to help reduce or eliminate your tax burden. This comes in addition to extending the filing and payment deadline for individuals and C-Corporations. The tax attorneys at J. David Tax Law in Jacksonville, FL have become privy to some leniency that the IRS will extend for a short period of time. These programs will expire on July 15, 2020 when the Federal income tax filings and payments are due.
See if You Qualify for Tax Relief!
We offer a fast, no-cost, confidential consultation to assess your unique situation and eligibility for tax relief programs. We can handle your entire tax resolution case by phone and with digital communication, so you won’t need to leave your office or home during this event.
If you don’t file or make the required federal income tax payments by July 15, 2020, starting on July 16, 2020, the IRS will assess penalties and interest. These penalties and interest are avoided when your federal income taxes are filed and paid by the extended deadline of July 15, 2020.
You can also work with a tax attorney at J. David Tax Law in Jacksonville, FL to negotiate you into IRS tax relief programs. For a fast, no-cost confidential consultation, contact J David Tax Law. We can handle your entire case through telephone and with digital communications.
Stimulus Packages Will Have Impacts on Americans with Tax Debt
To help Americans navigate the short-term uncertainties in their lives and businesses, the Federal government and State agencies have announced $2.2 trillion in stimulus packages during the COVID-19 event. In our economy, tax dollars are used to fund these kinds of efforts.
The IRS collection attempts have continued since the event began. The stimulus packages are a historic initiative that will require the IRS to collect an even greater amount of tax debt, which they have been tasked to do. This is the time to settle your tax debt with the IRS and state tax agencies.
During the COVID-19 event, our tax attorneys in Jacksonville, FL have successfully negotiated better than expected settlements for our clients. We have been able to get terms accepted that were previously unheard of for some clients. In an effort to quickly settle and reduce their tax burdens, tax relief programs, like an Offer in Compromise, that clients didn’t qualify for previously are now viable options.
J David Tax Law is here to help Jacksonville, Florida individuals and businesses with tax debt issues during the Coronavirus event. We are here for you and your family if you need help with Federal tax debt, unpaid payroll taxes, State tax debt, Sales Tax debt, bank levies, wage garnishments, tax liens, and unfiled returns. We are able to get IRS or State wage garnishments removed within 48 hours (in most cases).
We offer a fast, no-cost, confidential consultation to assess your unique tax situation and explain your tax relief program options. Every detail of your case can be handled by phone and with digital communication, so you don’t have to leave your home or office during this event.
He is the founder and Managing Partner of J. David Tax Law®. He is the winner of the 2019 Ultimate Tax Attorney awarded by the Jacksonville Business Journal. This award recognizes law firms and attorneys who show exemplary professional talent and skill while demonstrating superior client care, leadership, charitable concern, and civic engagement. Jonathan graduated from Chapman University School of Law. He has practiced law since 2011.
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.
7077 Bonneval Rd Suite 200, Jacksonville, FL 32216