[Immigration Collection] IRS Extends Tax Filing Deadline to July 15

Recently, in response to the novel coronavirus, the U.S. Internal Revenue Service (IRS) has extended the national income tax filing deadline to July 15, three months later than the usual April 15 deadline for Americans. U.S. Treasury Secretary Steven Mnuchin announced this measure on March 20, 2020. He stated that under the direction of President Trump, the federal tax filing deadline has been moved from April 15 to July 15, and all taxpayers and businesses will have this additional time to file and pay taxes without interest or penalties.

 

Please note that taxpayers do not need to submit any application to qualify for this automatic extension for filing and payment, or to be exempt from interest or penalties. If they cannot file by July 15, 2020, individual taxpayers must submit Form 4868 to apply for an extension. However, the IRS recommends that taxpayers expecting a refund file as soon as possible. This extension policy applies only to federal income tax returns and payments (including self-employment tax) due on April 15, 2020, and does not apply to state taxes or any other types of federal taxes. State tax filing deadlines may differ from federal ones, and the IRS urges taxpayers to check with their state tax authorities for these details. Currently, the IRS has temporarily closed Taxpayer Assistance Centers nationwide and suspended all face-to-face services until further notice. However, the IRS continues to process tax returns and issue tax refunds to assist taxpayers as much as possible. Meanwhile, the U.S. Department of the Treasury, the IRS, and the Department of Labor have announced plans to implement coronavirus-related paid leave and tax credits for small and medium-sized businesses to quickly offset the costs of this leave, and have issued guidance on tax payment deferrals. It was also announced that high-deductible health plans can cover the costs of coronavirus-related testing and treatment without affecting immigration status.

 

It is evident that the United States has introduced numerous measures to combat the novel coronavirus. On the afternoon of March 27, local time, President Trump officially signed the $2 trillion economic stimulus package passed by Congress, which means the bill has officially become law. Specific details include the following:

 

I. Direct Cash Payments:

 

Individuals with an annual income of up to $75,000 will receive a $1,200 check, families with an annual income of up to $150,000 can receive a $2,400 check, with an additional $500 per child. The amount of the cash check will decrease for those with an annual income above $75,000, with an income cap of $99,000 for individuals and $198,000 for couples.

The Republican party's initial proposal provided smaller checks for low-income Americans, but that provision has been removed from the current bill; anyone with an annual income of $75,000 or less is eligible for a $1,200 cash check.

$250 billion in the bill will be used for direct cash payments.

 

II. Expansion of Unemployment Insurance:

 

The bill will increase the maximum weekly state unemployment benefit by $600 for the next four months. Unemployment benefits will also be expanded to include some individuals who are usually ineligible, such as temporary workers, furloughed employees, and freelancers.

Under the bill, those nearing the end of their unemployment benefit period can extend their duration by 13 weeks.

It is understood that at least $250 billion in the bill will be allocated to unemployment insurance.

 

III. Small Business Support:

 

It is understood that approximately $350 billion will be used for small business loans.

Companies with fewer than 500 employees will be eligible for small business loans of up to $10 million to enable them to continue paying their employees. In addition, small businesses that maintain their payroll will be eligible for assistance with expenses such as mortgage interest, rent, and utilities.

 

IV. Assistance to Businesses:

 

The bill is expected to provide $500 billion in aid to businesses hit by the COVID-19 outbreak (such as airlines).

Democrats have been concerned that the aid would be used as a "slush fund" with little oversight on who receives how much money, but provisions have been added to alleviate these concerns. As part of the agreement, the bill will prohibit businesses controlled by the President, Vice President, members of Congress, and heads of executive departments from receiving these loans.

The bill will also establish an Inspector General and a five-member Congressional Oversight Commission responsible for selecting and confirming payments to companies. The bill will require Treasury Secretary Steven Mnuchin to testify on these transactions.

Furthermore, the measure will create real-time public reporting on Treasury transactions under the bill, including terms for loans, investments, or other assistance to companies.

 

V. Public Health Funding:

 

The bill will provide at least $100 billion in aid to hospitals, an increase from the $15 billion initially proposed by Republicans. The bill will also provide additional funding for the Centers for Disease Control and Prevention (CDC), public transit agencies, food stamps, child nutrition, and other health-related programs.

 

VI. State Aid:

 

The bill will also provide approximately $150 billion in stimulus funds to state and local governments to help bolster budgets in the face of significantly reduced tax revenues.

 

As everyone knows, the United States has a comprehensive welfare system, advanced technology, a superior environment, and excellent education, making it an ideal destination for living, residing, investing, and immigrating for many people. Among the many ways to immigrate to the United States, the EB-5 investment immigration program is highly favored due to its lack of requirements for age, language, education, or business background, and the benefit of one person applying for the whole family to immigrate. Currently, one of the few high-quality projects on the market that allows for immigration to the U.S. at the low price of $900,000—the Yellowstone Club Phase II EB-5 project—will become a superior choice for investors. This project combines numerous unique advantages, such as dual USCIS approval, completed I-829 job creation, and repayment secured by assets worth 5 times the investment, greatly protecting the interests of investors and making it highly popular among them.

 

Ten Advantages of the Yellowstone Club Phase II EB-5 Project:

1. Rural area EB-5 project, eligible for immigration at the low price of $900,000

2. Project has received both I-526 exemplar and actual case approval

3. Extremely high job creation multiplier; construction has started, and required jobs have been completed in advance

4. Low EB-5 capital ratio, high equity investment ratio

5. High-value collateral, with collateral value reaching 5 times the EB-5 loan amount

6. Strong brand appeal of the Yellowstone Club, with nearly 1/2 of the apartments pre-sold

7. Branded, operated, and managed by the renowned luxury hotel brand Montage

8. Developed and constructed by the experienced and powerful developer CrossHarbor

9. Replication of the successful experience of the Yellowstone Club Phase I EB-5 project

10. Professional EB-5 team oversight & 3rd successful collaboration between Visas Consulting Group and EB-5

 

2020 is the year of health planning; prioritize health planning and secure your status first. Good projects do not wait. If you regret missing the $500,000 investment immigration opportunity to the U.S., you must not miss the $900,000 investment immigration opportunity. High-quality projects are rare; book as soon as possible. Project details consultation: Mainland China: 400-138-2929 Hong Kong, China: (852)2802 8798

 

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