Cash-Strapped Firms Hit Tax Day With New Reasons to Worry
- Filing deadline coincides with date for estimated tax payments
- Taxpayers were given extra time to file because of pandemic
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U.S. taxpayers were given an additional three months to file tax returns this year because of the coronavirus crisis, but even the extra time hasn’t been enough for some businesses struggling to pay the government as the pandemic threatens to worsen.
While the shift to the July 15 deadline was meant to help filers weather disruptions caused by virus-related shutdowns, companies are facing the added problem of navigating a confusing and constantly changing patchwork of disaster relief at a time when the work of the Internal Revenue Service has been slowed along with the rest of the nation’s economy.