The Internal Revenue Service (IRS) issued important guidance on several issues such as for taxpayers with net operating losses (NOL) and additional tax deadline details. The NOL provision allows a company to use tax losses from 2018 to 2020 to offset income from the previous five years. The new tax deadline extension allows a further extension request to file individuals taxes and a delay of certain estimated tax payments. The IRS stated that “Individuals taxpayers who need additional time to file beyond the July 15 deadline can request an extension to Oct. 15, 2020, by filing Form 4868…”
Also they said that “…any individual or corporation that has a quarterly estimated tax payment due on or after April 1, 2020, and before July 15, 2020, can wait until July 15 to make that payment, without penalty.”
The details can be found in the below links:
Major auto insurance companies have continued to announce premium cuts for its policy holders during the COVID-19 pandemic. This is a result of the lower average number of miles driven and the resulting decrease in the number of accidents. Following Allstate’s earlier lead, GEICO, Progressive, State Farm and USAA are all offering varying degrees of relief to their policy holders generally in the form of credits, mostly for April and May.