Companies hit by the massive storms in Texas receive temporary disaster tax breaks.
IRS has just announced that companies now have until June 15, 2021 to file their tax returns and pay all taxes that were originally due on February 11th.
What is covered by the tax relief:
- Various business returns for 2020 are due on March 15th
- The business return is usually due on April 15th
- quarterly estimated income tax payments due April 1st and
- Quarterly payroll and excise returns, usually due April 30th.
And unlike many other disasters where relief applies to specific counties or regions, this relief applies to the entire state of Texas.
The interest rates for the second quarter are also canceled
In addition to disaster tax relief, companies in the other 49 states want to know how much they are paying or receiving if their federal tax payments are not on point.
IRS has announced that it will hold federal tax interest rates constant in the second quarter. From April 1st to June 30th your prices remain:
- 2% for overpayments
- 0.5% for the portion of a corporate overpayment greater than $ 10,000
- 3% for underpayments and
- 5% for large corporate underpayments.
Jennifer, a contributor to CFO Daily News, has worked in the business and finance sectors for more than 22 years. She has written for CFOs, credit and collection professionals, and accounts payable practitioners, and has spoken at industry conferences about sales and tax compliance.