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The Treasury Department has announced today March 17, 2020, their plan to extend the April 15th deadline to pay taxes owed for individuals and many businesses by 90 days. Official details have not been released; however, based on the announcement it seems many taxpayers will benefit from the extension. But do not get too complacent. You still have to file your taxes by April 15th or you may be subject to late filing penalty. We expect more information to be provided shortly, but below are some key points.
What was announced?
States are not yet on board!
First-quarter 2020 estimated tax payments are still due April 15th, for now. The administration has indicated they are considering delaying the first-quarter federal estimate payment as well
What details are we waiting on?
Our tax Team at MillerMusmar CPAs are watching these matters closely. We will send further updates. Any questions please contact us at +1-703-437-8877 email us at email@example.com
Please be advised that, based on current IRS rules and standards, the advice contained herein is not intended or written by the practitioner to be used and cannot be used by the taxpayer for the purpose of avoiding penalties
MillerMusmar CPAs is an established accounting firm with offices in Reston, Virginia and Manassas, Virginia. We have a twenty-five-year history of providing top quality auditing, tax and accounting services to clients throughout the Washington Metropolitan area and internationally. By combining the expertise of a mid-sized firm with the personal attention, we are both large and small enough to deliver a responsive service to our clients. For more information, please visit our website at www.MillerMusmar.com.