All around the world, in our country, in our state, and now in our city, we are adjusting to the spread of COVID-19. Not only has this unprecedented worldwide pandemic response affected the health of hundreds of thousands of people, it also has greatly impacted the economic function of our world. Many businesses and individuals are dealing with financial devastation as more and more companies are being asked to close their doors temporarily while this virus is being contained. While this is an extremely difficult time for our nation, the government is currently working to find solutions to help stop the devastation from continuing to grow. In addition to the stimulus package the government has agreed to, they are also adjusting tax season and penalties.
Treasury Secretary Steven Mnuchin came out Tuesday with information letting taxpayers know they are allowed to delay paying their income taxes on as much as $1 million in taxes owed for up to 90 days. In regular circumstances, individual income taxpayers would be required to submit their 2019 tax returns and pay amounts owed by April 15
If you are a business owner trying to navigate this trying time, contact King Financial Services. Our team will help you to understand what tax relief options you qualify for and how to protect your company the best you can.
Who Is Eligible For Relief?
According to the IRS, “Any person with a Federal income tax return or payment due on April 15, 2020, is eligible for relief under the Notice. “Person” includes any type of taxpayer, such as an individual, a trust, an estate, a corporation, or any type of unincorporated business entity. The payment due refers to both 2019 Federal income tax payments (including payments of tax on self-employment income) and 2020 estimated Federal income tax payments (including payments of tax on self-employment income), regardless of the amount owed. The return or payment must be due on April 15, 2020 – this relief does not apply to Federal income tax returns and payments due on any other date.”
Do I Have To Be Sick or Quarantined In Order To Qualify For Relief?
According to the IRS, “No, you do not have to be sick, or quarantined, or have any other impact from COVID-19 to qualify for relief. You only need to have a Federal income tax return or payment due on April 15, 2020, as described above.
For businesses, working with an enrolled agent can be extremely helpful in finding tax breaks that you will qualify for. Our team is dedicated to helping your company bounce back from this unfortunate hit. Contact us today to learn more about how we can help your company today!
Fort Worth TX Tax Relief Experts
Sandra King is an enrolled agent, empowered by The United States Treasury to prepare your personal or business tax filing. While her services are offered nationwide, Sandra King locally serves the greater Dallas-Fort Worth area, including but not limited to Arlington, Bedford, Colleyville, Euless, Fort Worth, Grand Prairie, Hurst, Mansfield, North Richland Hills, and Richland Hills.
King Financial Services Inc
610 S Industrial Blvd. Suite 140
Euless, TX 76040
Phone: (800) 503-1343