A small bit of relief: In case you missed it, Treasury Secretary Steve Mnuchin announced yesterday that individuals would be allowed to defer up to $1 million in tax payments for up to 90 days. The primary federal filing deadline remains April 15.
Of course, many of us here in Tennessee have already been given some relief as far as federal taxes go. Victims of the recent tornadoes, including taxpayers in Davidson, Putnam and Williams counties, will have until July 15, 2020, to file various individual and business tax returns and make tax payments,
Among other things, this also means that affected taxpayers will have until July 15 to make 2019 IRA contributions. The new deadline also applies to quarterly estimated income tax payments due on April 15 and June 15 as well as the quarterly payroll and excise tax returns normally due on April 30.