Corona Virus Tax Relief for Individual Tax Payers

Story by Ratliff CPA Editor
March 18, 2020

Federal Income Taxes

The Federal Treasury Has Extended The Due Date Of Your Payment By 90 Days.
What Does This Mean?

  • 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 Clients

  • 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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