On top of the tax relief included in the Coronavirus Aid, Relief and Economic Security Act, employers can receive additional tax savings under IRC Section 139 for disaster relief payments made to employees during times of crisis. This often overlooked section of the tax code extends to many COVID-19 reimbursable expenses, such as work-from-home, dependent care and medical expenses not covered by insurance.
In addition to the Treasury’s decision to defer federal tax filing and payment deadlines from April 15 to July 15, 2020, states are beginning to announce their own taxpayer relief for individual and business taxpayers.
The IRS has released Notice 2020-18, clarifying Treasury Secretary Mnuchin's announcement yesterday on the federal tax deadline delay.
The Treasury Secretary confirms that the IRS will be extending the federal tax filing deadline from April 15, 2020 to July 15, 2020 at the direction of the President.
The Treasury announced today that individuals and businesses will be allowed to defer their 2019 tax payments for up to 90 days in light of the disruption and losses caused by the Coronavirus outbreak. This moves the due date for payments from April 15 to July 15.