Wolters Kluwer’s Compliance Solutions business has issued guidance about recently announced US relief measures in light of COVID 19. Last week the US Internal Revenue Service (IRS) announced “relief” for persons (i.e., individuals, businesses, etc.) to pay 2019 taxes due. On Saturday, March 21, 2020 the IRS issued a second announcement which added to the relief an extension to file 2019 federal income tax returns. The extended deadline for a person to file their 2019 tax return and pay any tax liability is July 15, 2020.
“An important point to make is per IRS Notice 2020-18 the relief applies only to filing income tax returns and making payments, it does not apply to other tax-related acts that are subject to a specific deadline,” comments Mike Schiller, Manager of Specialized Consulting, Tax Advantaged Accounts at Wolters Kluwer Compliance Solutions. “For example, the deadline to make a 2019 individual retirement account (IRA), Health Savings Account (HSA), or Coverdell Education Savings Account (CESA), regular contribution remains April 15, 2020. Additionally, the deadlines to file 1099 and 5498 series forms have not been extended.”
If the IRS issues additional extension-related information, Wolters Kluwer Compliance Solutions has said it will provide updates as necessary.
For SECURE Act specific questions, Wolters Kluwer is also regularly updating its SECURE Act resource center for support and information.
Wolters Kluwer Compliance Solutions, part of the company’s Governance, Risk & Compliance division, is a market leader and trusted provider of risk management and regulatory compliance solutions and services to U.S. banks and credit unions, insurers and securities firms. The business helps these financial institutions efficiently manage compliance obligations tied to loan and deposit origination transactions and workflows, manage risk and other regulatory compliance obligations, and gain the insights needed to focus on better serving their customers and growing their business.