During such a time of uncertainty, safety is a priority for all business operations. Below are a few safety tips to practice during this period.
The Internal Revenue Service has not yet delayed the due date for 2020 estimated taxes.
From the IRS website, www.irs.gov:
The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.
Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax.
Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief. Individual taxpayers who need additional time to file beyond the July 15 deadline, can request a filing extension by filing Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Businesses who need additional time must file Form 7004.
Daily Operation During Uncertain Times
With employees either working from home or not working at all, businesses are finding it difficult to continue. The revenue stream has slowed, expenses are piling up and CEO’s are finding it ever more challenging to pay bills and operate ‘as normal’. All businesses, regardless of size are facing a new normal and we all either will find ways to adjust or we will just have to lay off employees and/or take more drastic measures and close operations.
A few key points to remember: