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Important changes to your tax filings and payments due to Coronavirus
Extension Date for Tax Filings and Payments
On Friday, March 20, 2020, U.S. Secretary of Treasury Steven Mnuchin announced the extension of tax payments to July 15th, 2020. With this postponement, you will not accrue any interest or deal with penalties on tax payments until July 16th.
The postponement of payment is up to $1 million for individuals and up to $10 million for corporations. For those who make estimated tax payments, the provision allows all individuals to postpone estimated tax payments due from the date of enactment until October 15, 2020
**This legal development is still in progress. We will update this alert as the Act makes its way through the legislative process. (CARES ACT)
No paperwork or calls need to be made to the IRS or New York State, as it is processed automatically.
Student Loan Interest Deferral
The financial impact the coronavirus is having can be daunting. If you've lost your job, experience layoffs, are furloughed, or are experiencing financial challenges, you may be wondering what your next step is when it comes to making your payments.
Last week, President Trump verbally announced all interest on federal student loans has been waived because of the coronavirus. The waiver will remain in place until further notice and the Department of Education said it plans to release more information soon.
It's important to note this waiver is only on federal, not private student loans. Additionally, like the tax payments, this exemption is only on interest and not on the actual loan payments.
However, Mnuchin and President Trump have stated they are looking into passing a bill that would officially delay payments on federal student loans.
We will continue to monitor the status of the senate's proposal for Coronavirus Aid, Relief and Economic Security Act (CARES ACT) and provide the latest updates.
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