Treasury Secretary Steve Mnuchin announced this week a series of tax relief measures designed to assist taxpayers during the CoronaVirus pandemic. As GPL team continues to monitor the release of Treasury guidelines, we will update our clients as soon as possible – please follow our blog and Facebook page.

Here is what you need to know:

Individuals:

Income tax return filing and payment deadlines for individual returns, with a due date of April 15, 2020, have been automatically extended until July 15, 2020 .

This filing and payment relief applies to all individual returns, including self-employed individuals, and all entities other than C-Corporations, such as trusts or estates.

This is an automatic extension. Taxpayers do not need to file any additional forms or call the IRS to qualify for this relief.

Corporations:

Income tax payment deadlines are being automatically extended until July 15, 2020.

Estimated tax payments:

This relief also includes the first quarter estimated tax payments for tax year 2020 that are due on April 15, 2020.

Student Loan Payments:

Federally backed student loan payments are now suspended for 60 days. After this 60-day extension the White House will reevaluate if there is a need for further suspension.