Story by Ratliff CPA Editor
March 18, 2020
This means that individuals can defer payments up to $1 million without accumulating interest and penalties.
This did not extend the date to file your taxes
We can apply an automatic 6 month extension, please ask
Even with the 6 month extension the interest and penalties will accumulate starting July 15, 2020
The underpayment penalty from not having enough tax paid by January 15 is not waived and will still be due
South Carolina has extended both the time to pay and the time to file to June 1, 2020.
Until June 1, 2020 there will be no interest or penalties charged
Like the Federal taxes, the underpayment penalty is not waived
* If you owe, we recommend making payments as you can afford them to ensure that your balance is paid in full by each of the due dates set by the agencies.
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