The Internal Revenue Service (‘IRS’) recently issued Notice 20-23 which extends the relief provided in an earlier notice and establishes a nearly comprehensive postponement to July 15, 2020 for federal income tax returns, federal tax payments and time-sensitive acts normally due between April 1, 2020 and July 15, 2020.
Items normally due between April 1, 2020 and July 15, 2020 that have now been postponed to July 15, 2020 include:
- Individual tax returns;
- Corporate tax returns;
- Fiduciary tax returns;
- Exempt organization tax returns;
- Estate tax returns;
- Individual Retirement Account (‘IRA’) contribution information; and
- Second quarter estimates.
Employers’ Quarterly Federal Tax Returns filed on Form 941 and Quarterly Federal Excise Tax Returns filed on Form 720, however, are not postponed until July 15.
The IRS has also issued additional guidance on deadlines related to Qualified Opportunity Zone (‘QOZ’) investments and 1031 Like-Kind Exchanges.
We know the federal and state response to COVID-19 continues to intersect with your individual and business tax situations, including certain tax relief measures and the tax consequences of stimulus packages. We are monitoring both federal and state bills and administrative guidance, and will do our best to keep you informed during these trying times.
Meanwhile, if you have questions about how this latest IRS Notice impacts you, your business or organization, please contact Sandra Martin Clark, or your Manning Fulton relationship attorney.