Update on IRS Relief and SBA Disaster Relief Loan
To our valued clients and friends,
In IRS Notice 2020-18, the IRS granted additional relief to individuals impacted by the Covid-19 virus Pandemic. This Notice supersedes Notice 2020-17 by removing the tax payment limits and automatically moves the tax filing date from April 15 to July 15, 2020.
Taxpayers who owe tax or have an income tax filing deadline on April 15, 2020 now do not have to file or pay the tax until July 15, 2020. This includes the first quarter 2020 tax payment normally payable on April 15. The IRS will not assess any interest or penalties from April 15 through July 15. We have yet to hear what the state of Oregon or City of Portland (business tax) is going to provide as taxpayer relief. We will continue to monitor their information releases and pass along any news from them when we receive it.
The IRS has a webpage dedicated to corona virus matters: www.IRS.gov/coronavirus where you can read more information about the above relief as well as Internal Revenue News Release 2020-57 discussing the new paid sick leave for workers, fast funds, small business protection and, employers coverage for reimbursements which was passed by Congress last week in the first Coronavirus relief package.
For businesses struggling through this disaster, the SBA is now approved to provide disaster-relief loans. See this article for more information. We sincerely appreciate our relationship with you and thank you for placing your trust in Gilman & Co. as we navigate these uncertain times together.