IRS Extends Tax Filing Deadline

On Wednesday of this week, the Internal Revenue Service along with the U.S. Department of Treasury announced that the filing deadline for individual taxpayers has been extended for an additional month, to May 17, 2021. The extension only applies to individual taxpayers – not business taxes – and is automatic and therefore does not require…

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IRS Removes Cap & Clarifies Impact of Deferment

Two weeks ago, President Trump declared a national emergency with regard to COVID-19. Acting on that declaration, the Internal Revenue Service (IRS) last week postponed the April 15 tax filing deadline for an additional 90 days – until July 15, 2020. As welcome as that postponement may have been, the agency also limited tax deferments…

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