Covid 19 and Taxes
The Internal Revenue Service (IRS), as well as most states (including WI), have extending the tax filing deadline from the standard April 15th deadline to July 15, 2020. During this period, tax payers under an existing installment agreement with the IRS will have their payments suspended. For more information, you can visit the IRS website directly here.
The Coronavirus Aid Relief and Economic Security Act (CARES), is the act that will provide the most relief for individual taxpayers (as well as businesses) during this global pandemic. The CARES Act provides for a stimulus provision to all individual tax payers to receive a cash payment in the form of a refundable tax credit of up to $1200 per taxpayer plus an additional $500 per dependent child. Please visit the IRS website here to determine your eligibility.
With individual taxpayers receiving payments, the U.S. Department of the Treasury had a news release to further clarify that social security recipients will automatically receive the economic impact payments.
All information regarding Covid 19 and taxes is up-to-date as of April 2, 2020. There continues to be more legislation discussed regarding individual tax payers and we will continue to update our information when new information is known.
Information regarding Wisconsin tax deadlines being adjusted can be found here. The State of Wisconsin will continue to monitor the situation for all those affected by this pandemic, with more information available at the Department of Revenue website, specifically referencing Covid 19.
If you have any specific questions or wish to talk to an attorney about your situation, our attorneys are here to help.
Attorney Nathan Brown | Posted on April 7, 2020