IRS Extends More Tax Deadlines

Notice 2020-23 was released on April 9th and further expands the extension of time to file and pay until July 15th for numerous taxpayers.

The guidance indicates that any person with a Federal tax payment obligation, a Federal tax return or other form filing scheduled to be due anywhere between April 1, 2020 and July 15, 2020 will receive an automatic extension until July 15th, 2020.

This includes:

  • Individual income tax payments and filings
  • Calendar year or fiscal year corporate income tax payments and return filings
  • Calendar year or fiscal year partnership return filings
  • Estate and trust income tax payments and return filings
  • Estate and generation-skipping transfer tax payments and return filings
  • Exempt organization business income tax payments and return filings
  • Excise tax payments on investment income and return filings for private foundations
  • Quarterly estimated income tax payments; and
  • Other time-sensitive actions including the 180-day requirement to invest gain proceeds into Opportunity Zone Funds for favorable tax treatment, 1031 exchange timelines for identifying and replacing property, and form 8752 filings to name a few.

This relief further expands upon the extension of time to file and pay provided through Notice 2020-18 and Notice 2020-20. No action is required of Taxpayers to receive this extension. If you are due a refund, you probably still want to file your income tax return as soon as possible so you can receive your money.

For More Information

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