Many of the various reliefs and incentives put out by the government are intended to help ease the burdens of individuals and businesses alike. Whether you’re a high net worth individual with a complex financial scenario or a small business owner trying to make ends meet during an economic lull, the pandemic will likely impact your tax situation.
Tax Deadlines Postponed
One of the reliefs extended by the IRS is an extension on tax deadlines. Taxes and returns that were due in April are now due by July 15th. If more time is still needed, individuals and businesses are able to extend that deadline further by filing an extension.