The IRS has issued a series of notices (Notice 2020-17, Notice 2020-18 (superseded Notice 2020-17), Notice 2020-20, and Notice 2020-23) in an effort to provide administrative relief to those taxpayers affected by COVID-19. Collectively, these notices extend the filing and payment deadlines to July 15, 2020 for various returns and payments.
The latest IRS Notice 2020-23 amplifies the earlier notices and greatly expands the July 15, 2020 extension relief for taxpayers affected by COVID-19. This includes returns and payments (including returns that were on extension and 1st and 2nd quarter estimated tax payments) due on or after April 1, 2020, and before July 15, 2020.
The affected returns and payments include, but are not limited to, the following:
- Individual income tax payments and Form 1040 U.S. Individual Income Tax Return
- Corporate income tax payments and Form 1120 and Form 1120-S
- Partnership return (Form 1065)
- Estate and trust income tax payments and Form 1041
- Estate and Generation-Skipping Transfer tax payments and Form 706
- Gift and Generation-Skipping Transfer tax payments and Form 709
- Exempt organization business income tax payments and Form 990-T
- Excise tax payments on investment income and Form 990-PF
- Quarterly estimated income tax payments (both 1st and 2nd quarters)
Time-sensitive IRS actions that are due to be performed on or after April 1, 2020, and before July 15, 2020 are also extended to July 15, 2020. Numerous time-sensitive actions are listed under Rev. Proc. 2018-58, and include the filing of Form 990, Return of Organization Exempt from Income Tax.
Extension to July 15, 2020 is automatic. Affected taxpayers who need more time to file returns may choose to file the appropriate extension forms by July 15, 2020 to obtain extensions to file their returns (but not extensions to make payments) by the original statutory extended due dates.
California has conformed to the federal extended return and payment due date of July 15, 2020.
Lindquist von Husen & Joyce provides individual and business tax services. If you need assistance navigating the extensions and deadlines, contact Joe Huie, Principal, at 415-905-5444.