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Some Good News - 90 Day Tax Deadline Delay

Some Good News - 90 Day Tax Deadline Delay

March 30, 2020
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Some Good News!

90 Day Tax Deadline Delay

In light of current events and potential financial difficulties caused by the COVID-19 outbreak, the Internal Revenue Service (IRS) has postponed the 2019 federal income tax filing and payment deadline until July 15, 2020.1,2,3 Those who owe payments up to $1,000,000 as individuals or $10,000,000 as a corporation may claim the 90-day delay in payment without interest or penalties.1 We recommend that you consult your tax, legal, and accounting professionals before modifying your existing tax strategy. While it’s my intention to keep you updated on the most recent information, this is not a replacement for real-life tax advice.

DISCLAIMER: The views expressed herein are exclusively those of Robert Taylor and do not reflect the policy or position of GVCA.  The content is not meant as investment advice and are subject to change. No part of this report may be reproduced in any manner without the express written permission of Robert Taylor. Information contained herein is derived from sources we believe to be reliable, however, we do not represent that this information is complete or accurate and it should not be relied upon as such. All opinions expressed herein are subject to change without notice. This information is prepared for general information only. It does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person who may receive this report. You should seek financial advice regarding the appropriateness of investing in any security or investment strategy discussed or recommended in this report and should understand that statements regarding future prospects may not be realized. You should note that security values may fluctuate and that each security’s price or value may rise or fall. Accordingly, investors may receive back less than originally invested. Past performance is not a guide to future performance.

CITATIONS:

1. IRS.gov, March 18, 2020
2. USA Today, March 17, 2020
3. CNBC, March 20, 2020