Our offices are currently closed to protect the health and wellbeing of GRF’s employees, clients and other visitors. Employees will be working remotely during the public health emergency and are available to help clients during this difficult time. Please call 301-951-9090 or email firstname.lastname@example.org for questions and assistance.
In an effort to provide relief to American taxpayers during the public health emergency, the Internal Revenue Service (IRS) will provide individuals and many businesses 90 extra days to pay their taxes. As part of the Trump administration’s stimulus package announced by Treasury Secretary Steven Mnuchin, individuals can defer up to $1 million of tax liability and corporations will have an extension on up to $10 million.
Given the volatility in the stock market and financial hardship some may experience with the disruption of business operations, GRF is advising clients to take advantage of this delay. There are no penalties or interest incurred during this 90-day period.
While the due date for filing returns has not been extended, many commentators believe this date will be extended as well. As always, we will keep you up to date with developments as they happen.
For questions or more information, please contact our tax team.
Troy Turner, CPA
Vice President, Director of Tax
GRF CPAs & Advisors