Deferred Federal Tax Payments and Tax Filings Announced

The Federal government continues to announce initiatives to ease the shock of the pandemic on the economy. Our wealth management team will provide periodic updates that relate to the services we provide our individual clients. We will also share this pertinent and timely information to our institutional clients as well.

In response to COVID-19, the Internal Revenue Services (IRS) has issued guidance allowing many to defer tax payments from April 15, 2020 to July 15, 2020. In general, individuals and noncorporate tax filers may delay payments of up to $1 million and corporate tax filers may defer payments up to $10 million. A variety of coronavirus tax relief resources are available on the IRS website at https://www.irs.gov/coronavirus.

The initial notice, which can be viewed here, IRS Notice 2020-17, did not extend the tax filing deadline. However, Treasury Secretary Steven Mnuchin stated today that the tax filing deadline will also be extended to July 15, 2020. The IRS has not released an updated notice at this time, but we expect this will follow shortly and be available through the first link referenced above.

Our team is here to support you and provide assistance accessing 1099s for your accounts. Please reach out to your portfolio manager and client relationship associate team.

Disclosure

The views expressed represent the opinion of Ferguson Wellman. The views are subject to change and are not intended as a forecast or guarantee of future results. This material is for informational purposes only. It does not constitute investment advice and is not intended as an endorsement of any specific investment. Statements of future expectations, estimates, projections and other forward-looking statements are based on available information and Ferguson Wellman’s views as of the time of these statements. Past performance may not be indicative of future results. Ferguson Wellman, Octavia Group and West Bearing do not provide tax, legal, insurance or medical advice. This material has been prepared for general educational purposes only and not as a substitute for qualified counsel who can determine how this information applies to you. We believe the information provided is from reliable sources but should not be assumed accurate or complete.

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