What You Need to Know About the Recent IRS Tax Payment Relief

Tax Planning

Mar 20, 2020

In light of current events and potential financial difficulties caused by the COVID-19 outbreak, the Internal Revenue Service (IRS) has postponed the 2019 federal income tax payment deadline until July 15, 2020.1,2

Those who owe payments up to $1,000,000 as individuals or $10,000,000 as a corporation may claim this 90-day delay in payment without interest or penalties.1

I recommend that you consult your tax, legal, and accounting professionals before modifying your existing tax strategy. While it’s my intention to keep you updated on the most recent information, this is not a replacement for professional tax advice, so be sure to reach out with questions.

You can read the official IRS guidance here (downloads as a PDF).

1. IRS.gov, March 18, 2020 2. USA Today, March 17, 2020

The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. The opinions expressed and material provided are for general information.

The views and opinions expressed herein are those of the speaker or writer and do not necessarily reflect the views of Alliance Wealth Advisors, LLC. All opinions are subject to change without notice. Neither the information provided nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Past performance is no guarantee of future results. Diversification does not guarantee a profit or protect against loss in a declining financial market. All indices are unmanaged and may not be invested into directly.

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