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COVID-19

COVID-19: Taxpayer relief from the Internal Revenue Service (U.S.)

In response to the current Coronavirus-related pandemic, the Internal Revenue Service (“IRS”) has announced that the filing date for all tax returns and tax payments due on April 15 has been extended to July 15.

This Covid-19 relief applies to any individual, trust, estate, limited/partnership partnership, corporation or association with a federal tax return or tax payment (including self-employment tax) due April 15, 2020 for the 2019 tax year, or an instalment payment due April 15, 2020 for the 2020 tax year.

There is no need to apply for an extension of time, or to complete any other type of form in order to benefit from this relief.

All interest, additional taxes and penalties for late filing or late payment will be suspended until July 15, 2020. There is no limit to the amount of tax that can be carried forward to July 15, 2020.

A large number of states have followed the IRS guidelines and made a similar announcement (e.g. California and New York), but not all states have done so.

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