The economic impact of the COVID-19 pandemic will likely continue for some time causing uncertainty and volatility in financial marks, disruptions to supplies and distribution chains as well as directly affecting cash flows for many businesses. The pervasive impact of this pandemic also creates accounting and disclosure implications in financial statements for the year ended December 31, 2019 and beyond as we continue to battle the spread of the virus and its aftermath.
To learn more, visit Mueller Prost's resource page here.
The IRS has issued Notice 2020-17 in response to Treasury Secretary Steven Mnuchin's announcement that affected taxpayers owing an aggregate amount up to one million dollars in taxes would be able to defer tax payments, free of interest and penalty, until July 15th. In the case of an individual taxpayer, the same deferral amount applies regardless of filing status. The amount that can be deferred is increased up to $10 million for corporate taxpayers.
The IRS has issued Notice 2020-18 clarifying the announcement from Treasury Secretary Steven Mnuchin earlier Friday that the deadline for filing tax returns would be extended until July 15, 2020. This notice supersedes Notice 2020-17 issued March 19, 2020, which capped the amount of tax due that could be postponed until July 15, 2020.
On April 9, 2020, the IRS issued Notice 2020-23 expanding Federal tax filing and payment relief in response to the COVID-19 pandemic. Read more here.
Additional Forms/Tax Credits