IRS clarifies extended filing deadline

The IRS and the Treasury Department formally issued guidance, Notice 2020-18 (the Notice), pushing back the federal tax filing deadline to July 15, 2020, aligning the filing due date with the extended deadline for payments. Taxpayers do not have to file for an extension to qualify for the extended due date.

• Notice 2020-18  supersedes and expands upon earlier guidance that gave taxpayers extra time to pay their taxes but not to file income tax returns.
• The Notice allows for the deferral of the entire balance due whereas previous guidance allowed individuals to only defer up to $1 million and corporations up to $10 million of tax payments without interest and penalties. 
• The Notice applies to income tax returns and payments by individual taxpayers, trusts, estates, partnerships, associations, companies and corporations. Tax payments on self-employed income are included as well.
• Estimated tax payments also moved to July 15, 2020, from April 15, 2020.  
• The Notice does not address June 15, 2020, estimated payments, fiscal-year entities or other types of federal taxes or returns.
• This extension does not automatically apply to state and local payment requirements.

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The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.