On Friday, March 27, 2020, President Trump signed the Coronavirus Aid, Relief, Economic and Security (CARES) Act.This 880-page legislation provides emergency assistance and health care response for individuals, families, and businesses affected by the COVID-19 pandemic. We have highlighted the key personal income tax measures in the CARES Act affecting and assisting individuals and families.
The Federal Tax Code permits the postponement of certain tax deadlines by reason of Presidentially declared disaster actions. On March 13, 2020, President Trump issued an Emergency Declaration (COVID-19 Emergency) to the Treasury Secretary to provide relief from certain specific tax deadlines. Please note this only applies on the Federal level. State income tax deadline and payments may still be due, although some states have already granted similar extensions.