Vetrano Notes That COVID-19 Prompts Tax Payment and Filing Extension
March 23, 2020 – King of Prussia, PA – Vetrano | Vetrano & Feinman family law firm shares the news that the U.S. Treasury has delayed the tax filing and payment deadline to July 15, 2020 as a reaction to the impact of the COVID-19 outbreak. Following the federal government’s example, on March 21 Pennsylvania announced that the state will also extend deadlines for filing to July 15. The move means that taxpayers will have an additional 90 days to file.
All federal income tax payments, including tax estimates that in aggregate don’t exceed $1 million for individuals and $10 million for corporations, 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 delayed payments are not subject to interest and penalties during this period. The postponement only applies to federal income tax payments and does not cover payroll and other taxes.
Initially, an extension was announced only for payment of taxes. With COVID-19 restrictions increasing, and people attempting to practice social distancing as well, the move to extend filing deadlines was needed.
According to the Pennsylvania Pressroom, Revenue Secretary Dan Hassell stated, “This is a necessary step that will give Pennsylvania taxpayers extra time to file their returns and make tax payments during a difficult time for everyone. Particularly for those who plan to meet with a tax professional to prepare their returns, the new deadline will help everyone follow the Governor’s guidance to stay at home as we all work to prevent the spread of the virus.”
Part of the CARES Act (Coronavirus Aid, Relief, and Economic Security Act) that has been introduced in the Senate seeks to extend the due date for estimated tax payments until October 15, 2020, but this measure is still under debate.
These extensions can help individuals in many situations during this difficult time. Families going through divorce may have questions about how this tax payment and filing deadline extension could impact their divorce process or support claims. These questions should be directed to their divorce attorney and or tax consultant.
About Vetrano | Vetrano & Feinman LLC Family Law Firm
Vetrano | Vetrano & Feinman LLC is a family-centric divorce and family law firm located in King of Prussia, a community along Philadelphia’s Main Line. The firm’s family attorneys are focused on family law matters, including divorce, child custody, alimony and child support, and are committed to serving clients’ best interests and the best interests of the family.
For information about the firm, call 610-265-4441 or visit the company website: https://www.vetranolaw.com/.