Edging Closer to IRS Delaying Filing Deadline Reports Bambridge Accountants New York

Edging Closer to IRS Delaying Filing Deadline Reports Bambridge Accountants New York

Press Release (ePRNews.com) - NEW YORK - Mar 16, 2020 - Reps. Josh Gottheimer (D-N.J.) and Paul Mitchell (R-Mich.) are calling on the IRS to extend the tax filing deadline in response to the coronavirus pandemic report by the Enrolled Agents and accountants Bambridge Accountants New York.

In the letter to the IRS Commissioner Charles Rettig on Friday, they request an extension of 90 days to July 15, 2020, for all individual and business tax returns.

Treasury Secretary Mnuchin has already expressed his view to the House Appropriations Committee on Wednesday (March 11, 2020) – “We are looking at providing substantial relief to certain taxpayers and small businesses who will be able to get extensions on their taxes.” 

President Trump covered the extension on Wednesday night (March 11, 2020) during his address from the Oval Office, stating “I will be instructing the Treasury Department to defer tax payments without interest or penalties for certain individuals and businesses negatively impacted.”

This all comes as the House passed an extensive economic relief package to help with those impacted by the coronavirus (COVID-19) crisis. The legislation dedicates tens of billions of dollars for paid sick leave, unemployment insurance, free testing and other measures to help Americans impacted by the crisis.

The bill passed by the House on Saturday (March 14, 2020) has been sent to the Senate, where it is expected to pass it this week.

The deal was jointly negotiated by House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin. Soon after President Trump endorsed the legislation on his Twitter account, “I encourage all Republicans and Democrats to come together and VOTE YES!”

Alistair Bambridge, partner at Bambridge Accountants, explains: “For many U.S. taxpayers their priorities are to care for their families and loved ones in these uncertain times without the additional worry of tax filing and payment penalties.

“By extending the deadline for tax filings and payments, individuals will have the flexibility to be able to use funds to cover housing, childcare, medical care and medical supplies that must now be the priority.

“It may be that any extension is just a first step and that additional filing and tax payment delays are necessary as we learn more about the impact of the disease. The paramount concern will be protecting our loved ones, families and the community. 

Contact Alistair Bambridge, alistair@bambridgeaccountants.com, +1 646 956 5566.

Bambridge Accountants has offices in London and New York, specializing in tax for actors and other creatives and U.S. expats around the world.

www.bambridgeaccountants.com

Source : Bambridge Accountants New York
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CATEGORIES : Economy

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