The US Dept. of Treasury and IRS have issued some basic guidance on penalty & interest relief for the period April 15, 2020 – July 15, 2020. As a result, if you owe tax on your 2019 tax returns and/or are required to make an estimated quarterly payment (under $1 million for personal tax returns, $10 million corporate), these payments may be made July 15th rather than April 15th with no additional interest or penalties. Tax is limited to income tax and self-employment tax only.
At this time, no changes in tax return due dates exist, but as always, we are able to file extensions for clients that need more time to gather information.
The State of Iowa has indicated that they may also provide some relief, but as of yet no official guidance has been issued.
We will continue sharing developing tax news as it happens. As always, sign up for our blog HERE.