Tax Update Blog

Deadline Relief Jackpot

April 9, 2020 | Blog

Treasury and the IRS announced today the extension of a few hundred additional deadlines to July 15, 2020 in response to COVID-19.  Federal tax returns, payments, and certain other obligations due (originally or under valid extension) on or after April 1, 2020 and before July 15, 2020 are automatically extended to July 15th, 2020 in Notice 2020-23.

Newly deferred items include:

  • Second quarter estimated tax payments that were still to be due June 15
  • Forms 990, 990-T, and 990-PF and related tax due
  • Nonresidents filing Form 1040-NR
  • Fiscal year Corporate income tax payments and returns on Form 1120 series
  • Fiscal S-Corporation and Partnership returns
  • Estate tax payments due under a section 6166 election
  • Opportunity Zone investment to be made during the 180-day period
  • Elections required to be timely filed
  • Filing claims for refund
  • Petitions with the Tax Court
  • Laundry list of items in Rev. Proc. 2018-58

The deferred due date applies to all schedules, returns, and other forms that are filed as attachments to forms specified in the Notice.

Relief is automatic; taxpayers do not need to call the IRS or file extension forms for this relief to apply. 

If additional time is needed, a traditional extension form may be filed by July 15 to receive normal extensions.  Such extensions will give taxpayers additional time to file but not beyond the normal extended due date. 

Reminder that tax will still be due on July 15; an additional traditional extension does not delay the Federal income tax payment due date further.  Interest and penalties will begin to accrue on July 16, 2020 on amounts unpaid.

This relief amplifies earlier Notices which moved the traditional April 15 filing and payment deadline for many taxpayers.

 

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