COVID-19: Changes in Federal Tax Law You Need to Know
In response to the COVID-19 pandemic, the last few weeks have seen an unprecedented series of legislative actions by Congress, as well as a number of significant administrative actions by the Internal Revenue Service. Here is a brief synopsis of federal tax extensions and changes due to COVID-19.
Initially, the IRS only offered a payment deadline extension in response to COVID-19, but after much pressure, the IRS in response has instead provided much more comprehensive relief to mostly taxpayers in the U.S.
All taxpayers refers to: individuals, trusts, estates, (some) partnerships, associations, companies (including LLCs), corporations, nonprofits, and more that have a filing date of April 15, 2020.