IRS Filing Deadline Update

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Friends,

 

The IRS has provided additional guidance regarding the April 15th filing and payment deadline.

Yesterday, the IRS issued Notice 2020-18, restating and expanding upon previous guidance given in Notice 2020-17.  The Notice outlines the following:

 

   –   The income tax filing and payment deadline for ALL taxpayers has been postponed to July 15, 2020.  There is no limitation on the amount of payment that may be postponed.

   –   The postponement applies to ANY individual, trust, estate, partnership, association, or company/corporation with a  Federal income tax return or income tax payment originally due on April 15th.

   –   Taxpayers do not have to file Forms 4868 or 7004 (extension of original filing date).

   –   The postponement relates solely to Federal income tax payments for the 2019 tax year AND 2020 Federal estimated income tax payments originally due on April 15th, 2020.

   –   No extension is provided for the payment or deposit of any other type of Federal tax.

   –   The period April 15th to July 15th will be disregarded in the calculation of any interest, penalty, or addition to tax for failure to file the Federal income tax returns or to pay Federal income taxes.

 

Again, the postponement affects Federal income taxes only. Many states have yet to provide state-specific guidance.  For state tax developments related to the coronavirus outbreak, see the link below:

https://www.aicpa.org/content/dam/aicpa/advocacy/tax/downloadabledocuments/coronavirus-state-filing-relief.pdf

We are grateful for the additional guidance provided by the IRS.  We hope in coming weeks to gain additional clarity surrounding Q2 estimated income tax payments and the extended due dates of business and individual tax returns.  We also hope for filing guidance from all state tax authorities.

Cooper Norman is here to help.  Please reach out with any questions.

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