We at MyOutDesk strive to support the success of all SMBs and want to pass along useful and practical resources that can help your business draw out effective solutions.
On Wednesday, March 18, 2020, the IRS released Notice 2020-17, issuing a 90-day extension for tax payments.
Tax Payment Relief
The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 outbreak.
For individuals, except C Corporations: Income tax payment deadlines for individual returns, with a due date of April 15, 2020, are being automatically extended until July 15, 2020, for up to $1 million of their 2019 tax due. This payment relief applies to all individual returns, including self-employed individuals, and all entities other than C-Corporations, such as trusts or estates. IRS will automatically provide this relief to taxpayers. Taxpayers do not need to file any additional forms or call the IRS to qualify for this relief.
For C Corporations: income tax payment deadlines are being automatically extended until July 15, 2020, for up to $10 million of their 2019 tax due.
Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. If you file your tax return or request an extension of time to file by April 15, 2020, you will automatically avoid interest and penalties on the taxes paid by July 15.
Organize a Restructure into Remote Work for Your Business Today!
The Centers for Disease Control and Prevention (CDC) website recommends businesses actively encourage employees to stay home and/or to practice good hand hygiene and coughing/sneezing etiquette in the workplace.
MyOutDesk has thousands of clients & virtual assistants across the world working in a virtual environment, giving us 13 years of experience in virtual & remote workplace environments – and we’re offering to walk you through EXACTLY how to take your business remote during the COVID-19 crisis.
View our free webinar and downloadable guide on implementing effective remote work during a ‘shelter in place order.
We encourage your business to take advantage of and utilize the telework tools and systems that are in place with MyOutDesk Virtual Professionals should you need to expand remote work for your employees while ensuring low overhead costs. Schedule your Go Remote with MyOutDesk Strategy Session now and learn more!