“The COVID-19 crisis continues to threaten the financial viability of millions of U.S. individual and business taxpayers,” said Sherri Gastelum, CEO of Platinum Tax Defenders.
SIMI VALLEY, Calif. (PRWEB) April 20, 2020
As the COVID-19 crisis continues to fill millions of American taxpayers with uncertainty regarding their financial future, many are and will be struggling to pay back taxes during this time of crisis. With that in mind, the tax resolution professionals at Platinum Tax Defenders have announced they will ramp up their tax resolution efforts to help individual and businesses settle their tax debt during this global pandemic.
“The COVID-19 crisis continues to threaten the financial viability of millions of U.S. individual and business taxpayers,” said Sherri Gastelum, CEO of Platinum Tax Defenders. “We understand what a difficult time this is, and will continue to be, for individuals and businesses, and so we want to ensure those in need of tax relief efforts that we are here. We will continue to work overtime to help individuals and businesses with their tax situations, and for new clients, we’re offering complimentary consultations. We encourage anyone who’s worrying about how they are going to pay back their taxes to give us a call.”
As the federal government continues to provide increased tax relief measures to businesses and individuals across the country, the team at Platinum Tax Defenders is staying up to date on the most important COVID-19-related federal tax relief measures, as many of these new rules can result in large tax refunds for individuals and businesses.
First, Platinum Tax Defenders wants to remind taxpayers that they now have until July 15 to make their federal income tax payments—the due date for federal income taxes was previously April 15. Additionally, this rule applies to individual taxpayers, as well as C Corporations, trusts, and estates. Furthermore, the federal government has also postponed the tax filing date from April 15 to July 15. This new measure also applies to individuals and businesses.
Platinum Tax Defenders also reminds business taxpayers that the federal government is also offering a payroll tax deferral relief for all employers, and also self-employed individuals. Under this measure, businesses can defer the 6.2% employer portion of the Social Security tax component of FICA taxed owed. This deferral applies to the first $137,700 of an employee’s 2020 wages, according to a report from MarketWatch.com. This deferral period started on March 27, 2020, and will end on December 31, 2020. Additionally, half of the deferred amount will not be due until December 31, 2021. Additionally, the other half will not be due until December 31, 2022. Additionally, Platinum Tax Defenders reminds business taxpayers that this deferral measure is available to all employers. Furthermore, the federal government will not require businesses to show any proof of the impact the COVID-19 pandemic has had on their business.
Additionally, Platinum Tax Defenders is here to help self-employed individuals with new tax relief measures being offered by the federal government. Self-employed individuals can defer half of their liability for the 12.4% Social Security tax component of the self-employment tax for the deferral period. Similarly, the deferral period began on March 27, 2020, and ended on December 31, 2020. Self-employed individuals have until December 31, 2021, to pay half of the deferred SE tax amount, and can pay the remaining half by December 31, 2022.
As the federal government continues to announce new measures that will impact business and individual taxpayers during the COVID-19 crisis, Top Tax Defenders is here to help taxpayers across the United States with tax resolution efforts. For more information, visit the tax site, or call 866-866-8053.