COVID-19 IRS Updates
What You Need to Know About the Employee Retention Tax Credit
The ERTC can help keep your business afloat during the COVID-19 crisis.
In late December of 2019, a viral strain of the Coronavirus, COVID-19, was identified in Wuhan, China. Since then, the virus has spread to Italy, Iran, and South Korea, among other countries. It was officially declared a pandemic by the World Health Organization on March 11, 2020.
The COVID-19 pandemic has affected just about every aspect of daily life, as people have begun to flock to grocery stores and self-quarantine in order to curb the spread of the virus. In the midst of tax season, it’s important to recognize your options for getting your taxes done during the Coronavirus if you haven’t done so already.
The Coronavirus is developing quickly - in the meantime, it’s best to get your taxes out of the way as soon as possible so that you can focus your energy on preparing and protecting yourself and those around you. The IRS has recommended that taxpayers do their taxes as soon as possible.
The IRS has extended the tax deadline to July 15. If you owe a payment, you can defer up to $1M as an individual or $10M as a corporation, with no interest or penalties for up to 90 days. There will be no interests or penalties as long as you file by July 15.
If you’re stuck at home during the next few weeks leading up to April 15, there are still ways to get your taxes done. Remote accounting services are a great way to handle your taxes from the comfort of your home, without having to meet face-to-face with a CPA or tax preparer.
With Taxfyle, you’re connected to a CPA completely online. All communication is handled in-app, and all you have to do is send them any necessary documents or information so that they can work on your return. It’s safe, easy, and convenient -- especially if you can’t leave your house. Plus, we'll file your extension for free if you file with us, giving you as much time as you need to sort out your taxes.
While the tax deadline has been extended, your best bet is to file your taxes as soon as possible. That way, your taxes are taken care of without having to stress about whether or not your CPA’s office is open or taking time out of your schedule to go meet them. Try out Taxfyle today to get started! And, of course, make sure to stay safe and exercise caution in the coming weeks as the Coronavirus pandemic develops.
Get the latest posts delivered right to your inbox