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Due to the COVID-19 virus, the IRS has issued the Coronavirus Tax Relief. This tax relief issues an automatic extension for federal tax filing and payment deadlines, in order to curtail accrued interest or penalties.
For individuals and small businesses, federal income tax payment deadlines have been changed from April 15th, 2020 to July 15, 2020, for up to $1 million of their 2019 tax due. For C Corporations, federal income tax filing and payment deadlines are being automatically extended until July 15, 2020, for up to $10 million of their 2019 tax due.
All entities have until July 15, 2020 to file and pay federal tax dues without requesting an extension. Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020.
Please contact us if you have any questions or visit www.IRS.gov/coronavirus to learn more about this IRS Coronavirus Tax Relief.
Accounting is more about trust than it is about numbers. You need to find accounting professionals you can trust with some of the most important and confidential information your family, business or organization has. You also need to trust them to properly handle this information, apply accounting principles and tax law so the results are accurate and dependable. Ehrlich, Alexander, Leibowitz, Gold and Schwartz in Willow Grove are the accounting professionals you, your family, business or organization can trust.
Clients come to us to exploit opportunities, avoid problems or address them after they’ve occurred. We’re professional problem solvers, whether the problem has happened or we’re proactively solving potential problems before they occur. You may also have a business opportunity come your way and you need to know if the numbers really do add up. We can tell you so you can decide the next best step.
The partners and staff of Ehrlich, Alexander, Leibowitz, Gold and Schwartz have decades of experience helping a wide range of clients with their accounting needs.
If you have concerns about the financials of your business or possible tax exposure, it’s better to act now than later before the problem, if there is one, gets worse. You can’t make the right decisions without knowing the facts. We provide our clients with the information and advice they need every day.
If you’re starting a business or feel it’s time for a change and find new accounting professionals, we’ll be happy to talk to you about your plans, wants and needs and how we can address them effectively, efficiently and professionally. Ehrlich, Alexander, Leibowitz, Gold and Schwartz is here to help you, your business and organization reach your goals through excellence in professional accounting. Call us at 215-830-0110 today so we can start the conversation, discuss your needs and tell you more about what we do and how we can help.
Ehrlich, Alexander, Leibowitz, Gold and Schwartz
We provide a wide range of professional services to corporations, partnerships, individually owned businesses, non-profits and fiduciaries throughout the Greater Philadelphia area. Most of our clients receive help in the following three areas.
Financial reporting and attestation services including compilations, reviews and audits.
To help clients create the structure, timing and an appropriate course of action to minimize the tax impact of completing a transaction.
To allow us to help our clients in a number of areas, including suggested courses of action related to their business needs in a variety of ways.