IRS Provides Additional Relief for Key Filing Deadlines

The IRS has issued Notice 2020-23 and News Release IR-2020-66, announcing the extension of key tax deadlines for taxpayers including businesses, individuals and other entities.

In general, all taxpayers that have a filing or payment deadline for specified returns falling between April 1, 2020 and July 14, 2020 now have until July 15 to file their 2019 federal income tax return and to pay any tax due. This includes individuals, trusts, estates, corporation and other non-corporate tax filers. The Notice contains a specific listing of the returns affected. The extension of time also applies to schedules, returns and other forms which are attachments for the specified returns.

This extension of time specifically applies to the second quarter estimated tax payments for calendar year corporations and individuals, normally due on April 15. These payments can be made on or before July 15 without penalty or interest.

Additionally, claims for refunds for 2016 calendar year tax returns, normally due on April 15, 2020 (if the 2016 return was not on extension) has also been extended to July 15, 2020.

The notice also provides that certain “time sensitive” acts which normally must be completed between April 1 and July 14, 2020, will be considered timely if completed by July 15, 2020. This includes filing a petition with the Tax Court, bringing suit on a claim for credit or refund of any tax, or items detailed in an extensive list described in Revenue Procedure 2018-58. The IRS Notice notes that reinvestment of capital gain into a Qualified Opportunity Fund is also considered to be a time sensitive act.

If you have any questions, contact your Marcum tax professional or contact Michael D’Addio at 203.781.9665 or email Michael.

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