Tax Relief Programs During COVID-19 & Federal Tax Extension Deadlines
To help fund the COVID-19 stimulus packages totaling more than $2.2 trillion ($2,200,000,000,000), the IRS has been tasked with collecting an unprecedented amount of back taxes. The need for taxpayers to resolve unpaid taxes has never been greater. With the help of our tax attorneys in Orlando, FL, their knowledge of the tax code and tax relief programs, it will work out to your benefit if you act now.
The following release includes more information about what the stimulus packages mean for Americans with tax debt, the Federal tax payment deadline extension and related tax relief programs.
Americans With Tax Debt Will Be Impacted by the Stimulus Packages
During the COVID-19 event, the Federal government and State agencies have announced stimulus packages totaling more than $2.2 trillion-dollars that are designed to help Americans navigate the short-term uncertainties in their lives and businesses.
Our economic system uses taxpayer dollars to fund these types of efforts. Since the COVID-19 event began, the IRS collection attempts have continued. In fact, to fund this historic initiative, the IRS has been tasked with collecting an even greater amount of tax debt.
If you have back taxes, this is the time to settle your tax debt with the IRS and state tax agencies. During this event, our tax attorneys in Orlando, FL have successfully negotiated better than expected settlements for our clients. For some clients, we’ve been able to get terms accepted that were previously unheard of. To help reduce their tax burdens, tax relief programs that clients didn’t qualify for previously, like an Offer in Compromise, are now viable options.
J David Tax Law is here to help Orlando, Florida individuals and businesses with tax debt issues during the Coronavirus event. If you have Federal tax debt, unpaid payroll taxes, State tax debt, Sales Tax debt, bank levies, wage garnishments, tax liens, or unfiled returns, we are here for you and your family. In most cases, we are able to get IRS or State wage garnishments removed within 48 hours.
During our fast, no-cost, confidential consultation, we will assess your unique tax situation and explain your options. From the beginning of your case to the end, we can handle every detail by phone and with digital communication so you don’t have to leave your home or office during this event.
The Federal Income Tax Deadlines Have Been Extended
In the wake of the COVID-19 event, the Internal Revenue Service and the Treasury Department announced the extension of the Federal Income tax filing deadline, as well as special payment relief for individuals and Corporations. The relief only includes Federal income tax payments; it does not include State tax payments.
Individuals: Your 2019 tax filing and payment deadline have been extended to July 15, 2020 if you owe Federal income tax payments (up to $1 million). This applies to self-employed individuals, trusts, estates, and all other entities except for C-Corporations. Normal IRS and State penalties and interest would apply after July 15, 2020.
C-Corporations: Your 2019 income tax filing and payment deadline have been extended to July 15, 2020 for corporations (up to $10 million). If your corporation is required to make estimated tax payments for 2020, the tax relief includes the estimated payments also due on April 15, 2020. The estimated tax payments are extended to July 15th. Normal IRS and State penalties and interest would apply after July 15, 2020.
Tax Relief Programs Available Until July 15
To help reduce or eliminate your tax burden, in addition to extending the filing and payment deadline for individuals and C-Corporations, the IRS is offering new and unannounced tax relief programs. The tax attorneys at J. David Tax Law in Orlando, FL have become privy to some leniency that the IRS is extending for a short period of time. These programs will expire July 15, 2020. During our fast, no-cost, confidential consultation with our firm, we will assess your unique situation and see if you qualify for these programs. We can handle your entire tax resolution case through the phone and with digital communication to prevent the need for you to leave your office or home during this event.
If you fail to file or make your federal income tax payments by July 15, 2020, starting July 16, 2020, the IRS will begin to assess penalties and interest. These penalties and interest can be avoided when you pay your federal income tax by the extended deadline of July 15, 2020, or by working with a tax attorney at J. David Tax Law to negotiate you into the IRS tax relief programs. For a fast, free confidential consultation, contact us today. To keep you from having to leave your home or office during this event, we can handle your entire case through telephone and with digital communications.
He is the founder and Managing Partner of J. David Tax LawSM. 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.