The Department of Treasury and the Internal Revenue Service issued a notice yesterday that allows additional tax deadline delays for individuals and businesses in the wake of the COVID-19 pandemic.
Notice 2020-23 expands the July 15, 2020 deferred deadline to additional federal tax filings or payments due on or after April 1, 2020 and before July 15, 2020.
The relief previously provided for applied only to federal income taxes, gift taxes and estimated taxes due on April 15, 2020.
This new relief is available to individuals, trusts, estates, corporations and non-corporate tax filers.
The following federal returns and tax payments due on or after April 1, 2020 and before July 15, 2020 (including prior relief) can now be deferred until July 15, 2020:
- 2019 personal income tax returns
- First & Second quarter personal income tax estimates for 2020 (originally due April 15 and June 15, 2020)
- 2019 Gift tax returns & Generation Skipping tax returns
- Estate tax returns & payments
- Fiscal year returns & payments for Fiduciary (Estates & trusts), Corporate and Partnerships
- Estate tax and interest payments due as a result of a deferral election under Code Section 6166, 6161 or 6163.
- Exempt Organization Business Income Tax returns (Form 990-T) including 2020 estimated payments
- Tax payments on Investment income for Private Foundations (Form 990-PF)
Americans who live and work abroad can now defer the filing and payment of 2019 federal income taxes to July 15, 2020 as well.
Time Sensitive actions are also postponed to July 15, 2020. This would include refund claims, certain time sensitive issues relating to 1031 exchanges and opportunity zone investments.
All extensions to July 15, 2020 are automatic, and no late penalties or interest will be applied. However, if taxpayers need additional time beyond the July 15, 2020 deadline, they can file for an extension to October 15, 2020 using Form 4868 (individuals) or 7004 (businesses). Estimated tax liabilities are still due on July 15, 2020 to avoid interest and penalties.