Businesses needing access to immediate funds for extremely short-term and minimal financial assistance can consider delaying paying 2019 Annual and 2020 Q1 taxes.
Originally Posted Apr. 2, 2020
Delay of Tax Payment
(1) 2019 income tax payments and 2020 estimated income tax payments traditionally due April 15, 2019 have been postponed until July 15, 2020.
(2) Employers and self-employed individuals can delay the deposit of the employer-portion of the social security tax (the 6.2 percent tax on wages) and 50 percent of the tax imposed on the self-employment income. Payment of the delayed taxes will occur over two years with 50% due by December 31, 2021 & the other 50% due by December 31, 2022.
NOTE: If you utilize the PPP and/or EIDL, you cannot utilize the 2-year payroll tax payment delay.
SDC is not a tax advising entity, however we believe that it's important to be aware of these potential opportunities and to ask your accountant if they would help your busi