Federal Tax Relief
The federal income tax return filing and payment deadline is extended for all taxpayers (including trusts and estates) from April 15, 2020, to July 15, 2020. Companies may defer the payment of up to $10 million in payments. Individuals and married couples filing jointly may defer up to $1 million in payments. There is no interest or penalty associated with this deferral and taxpayers seeking an additional extension beyond July 15, 2020, should submit a request for such extension using the standard form. The guidance is available here. Additional information regarding federal coronavirus tax relief is a available here.
State Tax Relief
Several states have adopted various income tax filing or payment extensions and additional states are following suit. Check your state's department of revenue website for the most up-to-date information. The American Institute of CPA’s maintains a summary of state guidance here. The Tax Foundation maintains a timeline and summary of state guidance here.
Business Tax Relief
The CARES Act provides several forms of tax relief to businesses. They are summarized here.