Generally, everyone in the U.S. has until April 15 to file their taxes. However, amidst the new coronavirus outbreak, Treasury Secretary Steve Mnuchin has just announced a 90-day extension. Over the past few months, and especially weeks, people have been warned by the CDC and other government officials to stay inside, at all costs. Because of this, individuals now have an additional 90 days after April 15 to submit their taxes. To many taxpayers’ relief, the 90-day extension has no penalties and is interest-free.
Treasury Secretary Steve Mnuchin, however, has said in a statement that it still pays to have your taxes filed before April 15, regardless of the 90-day allowance. That being said, the deferment covers all American taxpayers who owe the IRS $1 million or less, as well as all corporations that owe up to $10 million. Mr. Mnuchin said, “We encourage those Americans who can file their taxes to continue to file their taxes on April 15, because for many Americans, you will get tax refunds.”
If you are an Amazon Seller and are wondering how this recent announcement may affect your business, please do not hesitate to reach out to our experienced accounting team. We know how drastically this virus has affected businesses and individuals alike, both in our country and around the world, which is why we are here to provide you with the strong and steady financial guidance you need in these turbulent times. For any additional questions, simply speak with us today.
If you are an Amazon seller and require the assistance of an experienced Certified Public Accountant, please contact Ebiz Accounting for an initial consultation. We provide Amazon business accounting services to clients in New York and throughout the United States. All Amazon sellers should have an accountant they can trust. If you are looking to expand your business, or even form a new one, do not hesitate to reach out to our knowledgeable team today.