Story by Ratliff CPA Editor
March 18, 2020
The Federal Treasury has extended the due date of your payment by 90 days.
This means that individuals can defer payments up to $10 million without accumulating interest and penalties.
There have been talks of suspending payroll tax deposits, or allowing your employees to not have FICA taken from their checks. There has been no confirmation, so as of now, on a Federal level the FICA and Federal withholding continue as scheduled. If this changes, we will let you know.
South Carolina has extended both the time to pay and the time to file to June 1, 2020 – this is for all taxes after April 1, 2020. Anything due in March still needs to be paid and filed in March.
Until June 1, 2020 there will be no interest or penalties charged
We recommend paying as you can to avoid having a huge bill due that you may not be able to get out from underneath come June 1. If our firm prepares and pays your payroll, please communicate with your preparer your wishes on this matter.
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