CARES Act: New Tax Deadlines
Small and medium sized businesses (SMBs) and their employees are bearing the brunt of the economic damage from the Coronavirus. The passage of the CARES Act was in large part designed to protect these businesses during this uncertain time. Relief for SMBs comes through several initiatives designed to increase liquidity, which is the biggest problem facing businesses today. Moving tax filing and payment deadlines is part of the strategy being employed by the government to ease the liquidity dilemma these businesses are facing.
New Income Tax Filing Deadlines – July 15th
The first major relief initiative enacted by the U.S. Department of the Treasury was the extension of both filing and payment deadlines for federal income taxes, originally due April 15th. The new federal income tax deadline is now July 15th, for both Filing and Payment.
This deferment is automatic and taxpayers do not need to file any additional […]