The Internal Revenue Service and the U.S. Treasury announced exemptions for companies now suffering from the coronavirus pandemic. In particular, the Tax Day, which is traditionally scheduled for mid-April, is postponed to July 15 this year. This is the last day organizations can file reports and pay federal income taxes.

The deadline for filing documents has been extended for all categories of taxpayers. The innovation applies to individuals, corporations, trusts, payers of self-employment tax, etc. In addition, taxpayers do not need to contact the Internal Revenue Service and submit any requests to extend the deadline. No fines or additional fees are required.

The U.S. Treasury Department also issued an order for companies that, for whatever reason, cannot file statements before Tax Day. If an individual taxpayer requires an additional delay, he needs to fill out form 4868. Legal entities must file form 7004.

Law firm Law&Trust offers services for income taxpayers in the USA. Our lawyers keep abreast of events regarding tax reliefs due to COVID-19. We will talk about all the innovations, and help to take advantage of them.