Deadline relief continues to come in for taxpayers as the IRS adjusts due dates to respond to the COVID-19 pandemic. The most recent taxpayer relief came late Thursday night with the issuance of IRS Notice 2020-23, which extends filing and payment deadlines to July 15, 2020 for all individuals, trusts, estates, corporations and other non-corporate tax filers who have a filing or payment deadline falling on or after April 1, 2020 and on or before July 15, 2020. This effectively delays most Federal tax transactions, tax elections and tax payments.
Taxpayers affected by the notice do not need to file extensions or send documents to the IRS to take advantage of this change. The notice provides automatic relief to all taxpayers that have a filing or payment deadline within the specified window. Employee Benefit Plans with filing dates after July 15, 2020 such as calendar year retirement plans that have a filing date of July 31 are not delayed under this relief. It is also important to note that the notice has no impact on any state filing or payment dates.
The following filings and payments have been extended to July 15, 2020:
- Individual tax returns and payments, including expatriates (previously required to file by June 15, 2020)
- Trust and estate tax returns and payments
- Fiscal year partnership returns
- Corporation tax returns and payments
- Estate and generation-skipping transfer tax returns and payments
- Gift and generation-skipping transfer tax returns and payments
- Information regarding beneficiaries acquiring property from a decedent
- Exempt organization business income tax returns and payments (Form 990-T)
- Excise tax payments on investment income and return filings for Private Foundations (Form 990-PF)
- Quarterly estimated income tax payments
- Returns of organization exempt from income tax (Form 990)
- Annual return/report of employee benefit plan (Form 5500)
- Various returns associated with foreign reporting
In recognition of the decreased access to resources and documents due to the impact of government-mandated closures of many offices and businesses, the notice also provides relief with respect to time-sensitive actions such as completing an opportunity zone reinvestment, completing a tax deferred exchange, filing a tax court petition or filing a claim for a refund. The July 15, 2020 deadline applies to actions that previously required completion between April 1, 2020 and July 15, 2020. Along with the extensions granted to taxpayers, the notice also provides the IRS extra time to perform time-sensitive acts, including but not limited to examinations, cases with the Independent Office of Appeals and amended returns or payments.
Contact a Hantzmon Wiebel team member if you have any questions about whether or not the extension applies to you or your organization. We are committed to making sure you have the most up-to-date and relevant information concerning the government’s economic response to COVID-19.
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Our firm provides the information in this article for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal or other competent advisors. Before making any decision or taking any action, you should consult a professional advisor who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this blog are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability and fitness for a particular purpose.
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