Here’s some small business assistance that could really help: The deadline to file your 2020 taxes has been moved from April 15 to July 15.
U.S. Treasury Secretary Steve Mnuchin announced the measures on Friday, March 20. The change is meant to help small businesses and others manage their financial obligations at a time when cash flow may be a bit short.
"All taxpayers and businesses will have this additional time to file and make payments without interest and penalties," Mnuchin tweeted on March 20.
This announcement marks a change from what the Treasury had previously used as a guideline, which maintained the April 15 deadline but allowed businesses to defer payments until July 15.
According to its website, “The 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.”
Small business owners who haven’t yet filed or who have already filed their taxes but may owe money should talk to their tax preparers or accountants to see how this news affects them.
And if you think you might be due a refund? According to Mnuchin, you should file as quickly as possible so you can get the refund money as quickly as possible.
This announcement applies only to federal tax deadlines, although many state governments are taking a similar approach to provide small businesses the support they need at this time.
It’s more important than ever to stay in the loop about how the COVID-19 crisis may be impacting your business. Here at Simply Business, we’re committed to providing you with the resources you need to manage during this unprecedented time. From the latest small business news to must-have advice and resources, we are dedicated to giving you the small business support you need now more than ever.
Check out our other COVID-19 and tax-related content, including:
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