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.
- 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.
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