Tax Payment Relief Due to the COVID-19 Outbreak

On March 18, 2020, the Treasury Department and the Internal Revenue Service issued an official notice to provide special payment relief to individuals and businesses in response to the COVID-19 outbreak.

All federal income tax payments normally due on April 15, 2020 are postponed until July 15, 2020. This includes the payment of 2019 taxes and the 1st quarter 2020 estimated tax payment. The deferred payments are not subject to interest and penalties during the deferral period. Individuals are allowed to defer up to $1 million in tax payments to the federal government. Corporations can defer up to $10 million in tax payments

What about the States?

While some states have already issued rules, Pennsylvania, New Jersey, New York and Delaware are among states that have not responded. Once we know what the states are planning, we will advise accordingly. We hope the states align with the federal government to provide much needed cash-flow relief.

What you can expect.

While our offices are currently open, our professionals are working remotely. We will meet the deadlines, and your needs with the same excellent service that you have come to know and expect.

Please do not hesitate to call your tax professional on 973.298.8500 if you have additional questions.

On behalf of all your Nisivoccia family,

Timothy Mehaffey

Managing Partner