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New Relief from the IRS

Dear Clients,

The IRS has issued new relief that applies to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020, including individuals, trusts, estates, corporations, and other non corporate tax filers, and that period will be disregarded by the IRS in calculating any interest, penalty, or addition to tax for failure to file the forms specified in the notice.

Specifically this includes:

  • Estimated taxes: The notice postpones the June 15 deadline for estimated tax payments to July 15.
  • Unclaimed 2016 refunds: The deadline for filing a 2016 tax return to claim a refund, normally April 15, is extended to July 15. The return must be postmarked by July 15.
  • Installment payments under Sec. 965(h): Installment payments of the Sec. 965 transition tax due on or after April 1, 2020, and before July 15, 2020, are postponed to July 15, 2020.
  • Reminder: Friday, April 10th, the SBA will officially start accepting applications for Paycheck Protection Plan (PPP) loans from independent contractors and sole proprietors.
    Link to the PPP loan application
  • Here is a link to a guide from the New York State Department of Labor for Self-Employed Individuals on How to file an Unemployment Insurance Claim