The COVID-19 pandemic has not only upended the economy, it is the catalyst for a number of tax changes. The Families First Coronavirus Response Act (H.R. 6201), which was signed into law on March 18, 2020, creates new paid leave payments for employees and new tax credits for small employers. The Joint Committee on Taxation pegs the cost to the government for this relief at over $104 billion. In addition to Congressional action, the IRS has made some COVID-19 pronouncements of note.
Tax Filing and Payment Deferral
The IRS extended the deadline for filing 2019 returns for individuals and calendar year C corporations that usually is April 15, 2020. The new deadline is July 15, 2020 (Notice 2020-18). Taxpayers do not have to file for an extension unless they want time beyond July 15, 2020. If they want until Oct. 15, 2020, they must request an extension (by using Form 4868 for individuals and Form 7004 for corporations).
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