Tax Payment Relief for Affected Taxpayers

Please note that this blog is based on laws effective March 18, 2020 and may not contain later amendments. Please contact Cray Kaiser for most recent information.

This afternoon, the IRS issued formal guidance on tax payment relief. Notice 2020-17 establishes the following:


Keep in mind the Notice only deals with payment relief, not filing relief. Based on our understanding of the law, valid extension requests of time to file will be required.

The Notice also does not mention relief of any other federal taxes, including payroll taxes. As such, it’s critical that if cash is tight, you continue to make payroll tax deposits. Failure to do so can be very costly.

Finally, we are still awaiting guidance from a number of state tax authorities including Illinois to determine what filing and/or payment relief might be available. We will continue to keep you abreast of developments as they come.

CK OFFICE OPERATIONS

These are certainly trying times and we want to reiterate that Cray Kaiser is here for you. As things continue to evolve in light of the COVID-19 pandemic, we at CK are taking additional precautions for the benefit of our team members and our clients.

Effective immediately:


CK PORTAL ACCESS

We want to remind our clients of our portal access and your ability to safely and securely share your information with our team. We ask that you email efile@craykaiser.com to request your portal access. This will eliminate the need for you to drop off your tax information at our office.

MOVING FORWARD

Thank you for your patience and understanding during this challenging time. We wish you, your family, and your business health and safety. We will continue to support you as best as we can while keeping each other’s health a priority. If any changes occur during the course of the next few days, we will update our website.

Click here to read more COVID-19 resources.

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