IRS Emergency Tax Relief

In response to the COVID-19 declared emergency, the IRS has announced that federal income tax payments due on April 15, 2020 are automatically extended for three months to July 15, 2020. This includes balances due on 2019 individual and corporate income tax returns as well as the first quarterly estimated payment of 2020. Individuals are limited to deferring $1 million of combined 2019 and 2020 payments and corporations are limited to deferring $10 million of payments. All taxpayers must still file their 2019 tax returns by April 15, 2020 or file an extension. 

This announcement does not defer state income tax payments, so Louisiana estimated payments for the first quarter of 2020 are still due April 15th. It also does not defer any other federal tax payments, such as payroll taxes, excise taxes, or 2020 second quarter estimated payments. 

We will have a further update on relief legislation being passed by Congress over the next few days. If you have any questions, please contact our office at (225) 927-6811.

Sincerely, 

Faulk & Winkler, LLC

Baton Rouge, Louisiana