World crisis challenges – new Coronavirus tax date 2020

Global COVID-19 distribution had a huge impact on human wellbeing. As a result of the circumstances, the USA government introduced a tax relief program including credits, refunds, and extension of the returns filing deadline.

Extension W-9 Deadline 2020

The authorities have taken the following steps.
All the tax payments are delayed from April, 15 to July 15.
Employers are allowed to divide paying of the Social Security payroll taxes into 2 parts. The first part is to be paid on December 31, 2021, and the rest one is due on December 31, 2022.
On the whole, all these support measures have been worked out not to let the crisis break the welfare of the population. Today the government is thinking over extra initiatives to help people feel safe in this uneasy environment.

Filling Procedure

As before, the businesses should report to IRS about the transactions made with contractors, freelancers, vendors, and other types of self-employed individuals. The latter ones should prepare W-9 which should include all the necessary details such as:

  • Name.
  • Address.
  • SSN or TIN.
  • Other information upon request.

When is W-9 to be file out?

The above-mentioned filing extension date has been determined for all the procedures. The taxpayers should fill out all the papers before this day. If the taxpayer skips the extended deadline, the fiscal police may impose some penalties.