Article written by:
Ryan Kilpatrick, CPA, CEPA
Senior Manager, Tax & Business Advisory Services

In mid-March, the IRS postponed the due date for certain tax filings and payments for the calendar year 2019 returns and 2020 estimated income tax payments due April 15, 2020 to July 15, 2020. In addition, on March 27, the IRS extended tax filing and payment relief to taxpayers who have gift tax or GST tax obligations to July 15, 2020. The IRS also announced that during the 3-month period from April 15, 2020 to July 15, 2020, no interest and penalties would not be asserted on any balances due. Our guidance on these due date changes can be found here.

On April 9, 2020, the IRS issued Notice 2020-23, which extends filing and payment deadlines to July 15, 2020 for many additional tax return filings and tax payments. The new July 15, 2020 deadline applies to several tax return filings or payments due between April 1, 2020 and July 15, 2020, with notable changes including:

  • Second-quarter estimated tax payments (due June 15, 2020 for calendar year filers)
  • Fiscal year C corporations, S corporations, and partnerships
  • Fiscal year individual filers
  • Fiscal year trusts
  • Exempt organizations filing Form 990-T

In addition, the IRS has stated that any election required to be made on a tax return or form typically due April 15, 2020 will be considered timely made if the election is made on the applicable tax return or form filed by July 15, 2020.

Relief for the above filings and payments are automatic and no extensions, letters or other documents are needed to receive the relief. The notice also suspends interest, additions to tax, and penalties for late filing or late payment to July 15, 2020.

The notice also provides relief for certain “Specified Time-Sensitive Actions” that would be required to be performed from April 1, 2020 to July 15, 2020, including the time to petition tax court, filing a claim or refund for any tax, or bringing suit upon a claim for credit or refund of any tax.

Please contact your GBQ representative should you have questions, or if you would like to discuss the above information in more detail.

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