In addition to the April 15th, 2020, estimated tax payment previously extended, this notice also extends relief to estimated tax payments due June 15th, 2020. This means that any individual or corporation that has a quarterly estimated tax payment due on or after April 1st, 2020, and before July 15th, 2020, can wait until July 15th, 2020, to make that payment, without penalty.
As a result of the most recent $1.9 Trillion relief package, the IRS will be issuing child tax credits in the form of monthly payments, expected to begin in July of 2021.
As a result of legislation from December of 2020 and recent notice by the IRS, there are new rules for eligibility of the Employee Retention Credit (ERC).
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, H.R. 748, currently being debated in the Senate and expected to be voted on Wednesday night, contains a host of tax measures as part of a $2 trillion aid package designed to help the economy as it suffers from the effects of the coronavirus pandemic.
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