As everyone is aware, COVID-19 is impacting businesses around the globe. This week, US Treasury Secretary Steven Mnuchin announced that taxpayers can delay paying their income taxes on as much as $1 million in taxes owed for up to 90 days. Corporations that owe up to $10 million will also be able to delay their payments until July 15th. 

At this time, the April 15th deadline to file has not changed. While several states, including New Jersey, have proposed legislation that follows the Federal extension, there have not been any official changes announced. 

What this Means for You

If you have not already contacted us about your tax return, we encourage you to submit your documents and files to us as soon as possible.  

Your engagement team will be working with you directly and will provide specific recommendations on how and when your tax payments should be handled at the state and federal level. In a technologically-advanced society, MSPC is working at full-speed, despite practicing social distancing.  We are able to work remotely or on-site at your facility, if required.  Our goal is to keep our team safe while serving our clients to the best of our ability, now and when this crisis passes.    

The situation is fluid and we expect to hear about further measures that the IRS and state treasury departments are taking to ease the tax burden in the upcoming weeks and months.  As we learn about changes that impact your business or your individual tax situation, we will keep you updated. We know that the current situation is stressful for everyone. 

If you want to discuss your business and how to manage during this trying time, don’t hesitate to contact your MSPC partner.