Here, you'll find a quick reminder and recap of recent events to assist you in your tax extension and payments requirements.
The IRS and Treasury Department significantly expanded relief measures for tax return filings and payments in response to the coronavirus pandemic. Notice 2020-23 stipulates all taxpayers with a filing or payment deadline falling on or after April 1, 2020 have until the revised due date of July 15, 2020 to file returns and make payments without penalties or interest. Included in the relief measure were corporations (including pass-through), individuals, trusts and estates, whether calendar- or fiscal-year filers.
While Notices 2020-18 and 2020-20 established the relief measures in payment due dates and filing due dates, in Notice 2020-23, the IRS identified specific forms and payments subject to relief. The Notice listed "time-sensitive actions" and specific forms listed in Revenue Procedure 2018-58, which effectively postponed the deadline for most actions required to be taken by taxpayers from April 1 through July 14, until July 15. Expanding relief measures to forms identified in Revenue Procedure 2018-58 but not highlighted in the first two Notices issued in 2020 (-18 and -20), included forms 990, 1041-A, 4466 and 5227.
Notice 2020-23 specifically extends the payment and filing deadlines for the following forms:
Notice 2020-23 also extends filing and payment deadline relief to the following tax forms and matters:
We're closely monitoring the many changes related to COVID-19, and we will send out updates as they become available. Reach out to our Rapid Response Team experts if you need further information on this topic.
