March 18, 2020
In response to questions and additional information JPS has received, we’re providing this updated information to yesterday’s blog regarding the IRS’s extension of payments due April 15, 2020.
The payment deferral* appears to be only for tax year 2019. This means that, at this point, 1st quarter 2020 estimated tax payments that are due April 15 will still need to be paid on time to avoid penalties.
We expect the IRS will soon release details about how the payment extension will work. At this time, most states have not yet provided relief similar to the IRS’s. As official announcements are made, JPS will provide further updates.
* Individuals will be able to defer up to $1 million, and certain corporations, including some small businesses, will be able to defer up to $10 million.
Stay updated with JPS regarding your tax & financial positioning. And, as always, feel free to contact your JPS team to assist you.
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Johnson Price Sprinkle PA is a 60+ year old accounting firm providing small to middle market businesses with tax, business consulting, audit, and technology solution services. With offices in Asheville, Boone, and Marion, NC, our CPAs and JPS team strive to provide personal service alongside technical expertise resulting in our clients’ long-term financial success. We also invest time and energy in our community, taking pride in doing what we can to make Western North Carolina a better place. JPS Mission: To Be Greater by positively impacting our Clients, People, Community and Profession.