Cash Management: Tip Five

For individuals and businesses with a federal tax liability, consider...

• deferring up to (i) $1.0 million of personal income taxes due on April 15, 2020 on balances due for 2019 and 2020; and (ii) $10.0 million of corporate income taxes due on April 15, 2020 on balances due for 2019 and 2020
• contacting the IRS to cancel automatic debits for tax payments scheduled for April 15, 2020 and paying balance due by July 15, 2020 with a check
• adjusting 2020 estimated tax payments for individuals and businesses based on projected taxable income for the entire tax year
• claiming payroll tax credit for business and self-employed individuals for paid leave for qualifying individuals
• filing your Federal tax return earlier than July 15, 2020, the new deadline in light of the coronavirus outbreak, if you are owed a tax refund to get your money on a timely basis