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IRS Issues New Guidance On Extended Deadlines

IRS Issues New Guidance on Extended Deadlines

Last week, the IRS provided updated guidance (in Notice 2020-23) on several extended deadlines including:

  • The extension to July 15, 2020 for all federal individual or business income tax filings and estimated payments. The notice expanded relief to apply to all taxpayers with a payment deadline on or after April 1, 2020 and before July 15, 2020, which means any individuals, trusts, estates, corporations or other non-corporate tax filers qualify for the extension.
  • The automatic extension to July 15th applies to nonprofit Forms 990 and 990-EZ, as well as 990-T and 990-PF filings and payments.
  • Any individual who cannot file their return by the extended July 15th deadline can request an additional extension to October 15, 2020. Keep in mind you must still make a goodwill estimate of your taxes due and make that payment by July 15, 2020.
  • The June 15, 2020 deadline for second quarter estimates has been extended to July 15, 2020.
  • If you have yet to file your 2016 tax return and expect a refund, you now have until July 15, 2020 to file. The law provides a three-year window to claim a refund and if the tax return is not properly addressed and postmarked by July 15, 2020, any refund due becomes property of the U.S. Treasury.

The IRS also reminded taxpayers that IRS live telephone assistance is currently unavailable and normal operations will resume when possible. Contact us if you have any questions regarding your tax liabilities or their due dates.

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This content was created during a snapshot in time and should be relied upon as such. Legislation and guidance continue to change as we progress through the current fluid environment and the information may not be applicable at a later date.  All content and materials are for general information purposes only. If you have questions regarding your specific situation, please contact us.

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