In Part 2 of our 3-part COVID-19 response video series recorded on April 8, 2020, hear from Jason Peckham, Tax Guard’s VP of Resolutions, how IRS’s “People First Initiative” impacts small businesses and commercial lenders.

Update:  On April 9, 2020, the IRS released Notice 2020-23, which broadened the relief for filing and paying income taxes. The following language for slide 6 is now more accurate. Income tax returns (calendar and fiscal) with an original due date between April 1 and July 15, 2020 can be postponed until July 15, 2020 without penalty. Estimated income tax payments with an original due date between April 1 and July 15, 2020 can be postponed until July 15, 2020 without penalty. As a reminder, the filing and paying delays still do not apply to employment or excise taxes.

Please contact us if you have any questions about how these changes at the IRS can affect your commercial lending organization.