Every year, small businesses are forced to rush through their taxes to get them filed by the April 15th deadline. This year was different, though. From the onset, the federal government knew the troubles small businesses will be facing throughout this year and decided to extend the 2020 tax deadline.
This helped a large number of companies focus their time, money, and resources where it mattered most. With companies facing temporary shutdowns and even permanent closings, small business taxes were the last thing on any owner’s mind.
With the July 15th deadline upon us, many owners are wondering whether or not the federal government will extend the 2020 tax deadline further into the year. Unfortunately, both the United States Treasury and IRS have revealed they have no plans of doing so — meaning the July 15th tax deadline is permanent.
Having Difficulty Filing?
By now, a majority of small business taxes will have been filed and taken care of. If you’re one of the companies that is still struggling to get these completed on-time, it’s not too late to file for an automatic extension.
The automatic extension will grant you an additional six months to file your small business taxes. Unfortunately, this will be six months from the original tax deadline of April 15, 2020. That would make your new 2020 tax deadline on October 15th.
We understand how difficult times are for every small business out there, and the fact that taxes are frustrating and confusing to begin with isn’t helping the situation. If you’re looking for help in filing your taxes, filling out the right forms, and minimizing the amount you owe in taxes, a certified public accountant can help you out tremendously.
No Further Extension, But Still Relief
While the United States Treasury and IRS confirmed they have no plans to extend the tax deadline any further than July 15th, the U.S. Small Business Administration has extended the Paycheck Protection Program an extra month.
This is big news for small businesses that failed to apply over the past few months, but are still looking for relief throughout the COVID-19 pandemic. The Paycheck Protection Program (PPP) incentivizes small businesses to keep their employees on payroll by potentially forgiving the PPP loan.
The SBA also has plenty of other resources that could help and maybe even save your small business.
Getting Your Small Business Through This
When your business is faced with a challenge, you need a practical and logical solution so you can continue moving forward. The prominence of that solution is multiplied when those challenges come in bundles.
That’s where most small businesses are today with the COVID-19 pandemic and protests across the country. In times like these, you need to have an experienced and helpful certified public accountant on your side to give you the right guidance moving forward.
If you need assistance or advice with your small business taxes, contact me today and we’ll get you back on the right track.
“Taxpayers Should File by July 15 Tax Deadline; Automatic Extension to Oct. 15 Available.” Internal Revenue Service, www.irs.gov/newsroom/taxpayers-should-file-by-july-15-tax-deadline-automatic-extension-to-oct-15-available.
Erb, Kelly Phillips. “IRS Confirms It Has No Plans To Extend The Filing Deadline Past July 15.” Forbes, Forbes Magazine, 30 June 2020, www.forbes.com/sites/kellyphillipserb/2020/06/29/irs-confirms-it-has-no-plans-to-extend-the-filing-deadline-past-july-15/.