FROM YOUR FORTIS FAMILY OFFICE TAX TEAM
Treasury Secretary Steven Mnuchin announced yesterday that the IRS will postpone the April 15th tax payment deadline for most individual and corporate taxpayers. Payments can be deferred for up to three months and taxpayers will not be subject to interest and penalties.
Individual taxpayers can defer up to $1 million of tax liability and corporations get an extension on up to $10 million of liability.
The Individual tax filing deadline of April 15th remains in effect and we encourage you to send us your 2019 tax documents as soon as possible.
The federal government is encouraging those taxpayers with refunds to file as soon as possible to help stimulate the economy.
We are closely monitoring the details of this relief as well as other relief associated with the coronavirus. We will keep you informed as more details become available.
Fortis Wealth is fully operational and our client-focused operations continue as normal.
As always, we encourage you to reach out to us with any questions or concerns.
Director of Tax