Coronavirus Tax Filing & Payment, Federal Tax

Tax Relief for Certain Individuals, Trusts & Estates

The IRS is providing tax relief that applies to certain individuals, trusts and estates. Specifically, the relief is from the tax penalty for estimated tax payments due before July 15, 2020, with respect to tax years that began during 2019, to the extent that those payments were affected by changes made to the excess business loss deduction by the CARES Act. The relief is available to any individual and any qualifying estate or trust that’s treated as an individual and is subject to estimated tax payment requirements with respect to its income. A list of requirements must be met to qualify for the relief. For more information, contact us or click here. © 2021