3-20-20 Client Alert - Coronavirus Tax Relief (Federal Payment and Filing Deadline Extended to July 15, 2020)

Posted on March 20, 2020


Coronavirus Tax Relief (Federal Payment and Filing Deadline Extended to July 15, 2020)

Treasury Secretary Steven Mnuchin announced on March 20th that the Treasury and the Internal Revenue Service (“IRS”) have postponed the April 15th deadline for paying income and estimated tax payments and filing tax returns to July 15, 2020. This relief only applies to federal taxes. New York State has not provided any extension for the payment of taxes or the filing of any tax returns.

All individuals and other non-corporate filers can defer up to $1 million of federal income tax (including self-employment tax) and estimated tax payments due on April 15, 2020 to July 15, 2020 regardless of filing status. “C” corporations are allowed a similar deferment of up to $10 million of federal income taxes and estimated taxes due on April 15, 2020 to July 15, 2020. No penalties or interest accrue during this relief period.

If the taxes are not paid by July 15, 2020, interest, additions to tax, and late-payment penalties on these postponed payments will begin to accrue on July 16, 2020. It is important to remember that interest, late-payment penalties and additions to tax will accrue, without any suspension or deferral, on the amount of any federal taxes in excess of the $1 million and $10 million maximum postponement amounts if not paid by April 15, 2020.

Tax and information returns are due July 15, 2020 without any late filing penalties. Taxpayers who are unable to file by July 15, 2020 should consider timely applying for an extension to avoid late-filing penalties. The IRS has urged taxpayers who are owed a refund to file as quickly as possible. Since New York has not extended its filing due date, taxpayers unable to file by April 15, 2020 should file for an extension of time to file to avoid late filing penalties.

Please contact your Woods Oviatt attorney or the following attorneys regarding COVID-19 related issues:

COVID-19 Multidisciplinary Crisis Group Co-Leaders

Gordon E. Forth, Esq.

Phone: 585-987-2801

Cell: 585-330-2862

Email: Gforth@woodsoviatt.com

Chris R. Rodi, Esq.

Phone: 585-987-2820

Cell: 585- 472-6474

Email: Crodi@woodsoviatt.com


Thomas M. DiPiazza, Jr., Esq.

Phone: 585-987-2861

Cell: 585-615-5690

Email: TDipiazza@woodsoviatt.com

Danielle B. Ridgely, Esq.

Phone: 585-987-2914

Cell: 585-698-8092

Email: Dridgely@woodsoviatt.com

Government Business Regulations

John F. Liebschutz, Esq.

Phone: 585-987-2869

Cell: 585-943-2181

Email: Jliebschutz@woodsoviatt.com

Employment and Labor

Gordon S. Dickens, Esq.

Phone: 585-987-2851

Cell: 585-766-1642

Email: GDickens@woodsoviatt.com

Lorisa D. LaRocca, Esq.

Phone: 585-987-2834

Cell: 585-506-5394

Email: LLarocca@woodsoviatt.com


Donald (Dan) O’Brien, Esq.

Phone: 585-987-2810

Cell: 585-734-9647

Email: Dobrien@woodsoviatt.com

Gregory G. Broikos, Esq.

Phone: 585-987-2805

Cell: 585-208-7060

Email: Gbroikos@woodsoviatt.com

Commercial Contracts

Christopher R. Rodi, Esq.

Phone: 585-987-2820

Cell: 585- 472-6474

Email: Crodi@woodsoviatt.com

Katarina B. Polozie, Esq.

Phone: 585-987-2910

Cell: 202-262-4368

Email: kpolozie@woodsoviatt.com

Liquidity - Capital Calls

Christian J. Henrich, Esq.

Phone: 716-248-3211

Cell: 716-213-7005

Email: chenrich@woodsoviatt.com

Liquidity - Credit Facilities

W. Stephen Tierney, Esq.

Phone: 585-987-2839

Cell: 585-329-1020

Email: stierney@woodsoviatt.com

William F. Savino, Esq.

Phone: 716-248-3210

Cell: 716-982-2557

Email: wsavino@woodsoviatt.com

Litigation and Disputes

Warren B. Rosenbaum, Esq.

Phone: 585-987-2813

Cell: 585-613-6848

Email: wrosenbaum@woodsoviatt.com

Brian D. Gwitt, Esq.

Phone: 716-248-3213

Email: Bgwitt@woodsoviatt.com

Brian J. Capitummino, Esq.

Phone: 585-987-2863

Cell: 585-233-1847

Email: bcapitummino@woodsoviatt.com

Real Estate

Kristopher J. Vurraro, Esq.

Phone: 585-987-2838

Cell: 585-415-3147

Email: Kvurraro@woodsoviatt.com

Benjamin M. Keller, Esq.

Phone: 585-987-2804

Cell: 716-238-4878

Email: Bkeller@woodsoviatt.com

Family Wealth and Estate Planning

Philip L. Burke, Esq.

Phone: 585-987-2850

Cell: 585-748-6198

Email: Pburke@woodsoviatt.com

David P. Shaffer, Esq.

Phone: 585-987-2878

Cell: 585-472-6696

Email: dshaffer@woodsoviatt.com