Hello everyone! It is your international tax nerds with an update. As you’ve likely heard by now, on March 17, Treasury Secretary Steve Mnuchin announced that taxpayers and businesses will have until July 15, 2020 to pay their taxes this year without incurring penalties or interest charges. As of right now, you do still have to file your returns by April 15, but you can delay paying any taxes due until July 15. This may change in the coming weeks, but we do not plan to delay filings or request extensions unless necessary, and we encourage you to pay any taxes due by April 15, if you can.
We are still waiting to hear if there will be a payment extension for quarterly estimated payments normally due on April 15, but again, as of this moment, they are due as normal. Additionally, if you have to file in one or more states, know that each state is different and while some have already announced filing and payment delays, others are waiting on IRS guidance before making an official announcement.
At Schwartz International, we are fortunate to already have a remote working set-up, so we are continuing to work as normally as possible while following the guidance on how to flatten the curve of the virus’ spread. As your international tax nerds, we continue to stay up-to-date on US and international tax items and will continue to keep you informed. If you have any questions at all, don’t hesitate to reach out to us, and we will do our best to return your call or email as quickly as possible. In the meantime, do what you can to stay safe and healthy, and we will see you on the other side!
P.S. Separately, and more importantly, stay healthy please. We hope we all get through this with compassion toward others and our humanity intact. Ultimately, we are very concerned about the economic impact if companies start laying people off, creating a downward spiral. Also, those same companies (especially all the mom and pop stores, restaurants, boutiques, etc.) could go out of business, which is arguably even worse assuming we are able to address the health issues overall and not see too many fatalities. We have to figure out a way to stick together as a community and help everybody, especially the lowest folks on the economic ladder. Sorry if this comes off as preachy.