To keep you up to date on all tax matters, we are sending out further information to help you manage your affairs in this extraordinary time. Please know that as things continue to develop, we will continue to keep you informed.
As of yesterday, the IRS has made available a 90-day extension to pay 2019 personal and corporate income tax liabilities up to $1 million for individuals and $10 million for corporations. The extended due date for payments is now 07/15/2020. They have also waived all penalties and interest for this time period on the filing of your 2019 return. In order to receive the extension of time to pay, you MUST file your return OR an extension by April 15th, 2020. If you have questions about an extension, give us a call and we can help you decide what the best course of action is. We can file all extensions remotely with information that you can provide over the phone.
As of this morning, the Oregon Department of Revenue is addressing several measures regarding taxes. They will likely follow the IRS lead and adopt the 90-day extension of time to pay.