Late Thursday, the IRS granted additional deadline extensions for tax filings and payments under Notice 2020-23. This relief notice is specific to taxpayers that have a filing or payment obligation after April 1, 2020 and before July 15, 2020. This declares that individuals, trusts, estates, corporations, and other noncorporate tax filers the period from April 15 to July 15, 2020 will be disregarded by the IRS in calculating any interest, penalty, or addition to tax for failure to meeting the original filing deadlines. This notice grants an automatic relief to affected taxpayer without having to file an extension.
Here are the highlights of these additional deadline extensions:
Estimated taxes: The June 15 deadline has been postponed to July 15.
Unclaimed 2016 refunds: The deadline for filing a 2016 tax return to claim a refund has been extended to July 15.
Installment payments under Sec. 965(h): Installment payments of the Sec. 965 transition tax due on or after April 1, 2020, and before July 15, 2020, are postponed to July 15, 2020.
American citizens living abroad: Americans who live and work abroad do not have a 2019 filing obligation until July 15, 2020.
Specified forms: Federal tax forms and payments covered by the relief include:
- Individual income tax payments and return filings on Form 1040,
- Calendar year or fiscal year corporate income tax payments and return filings on Form 1120
- Calendar year or fiscal year partnership return filings on Form 1065
- Estate and trust income tax payments and return filings on Form 1041
- Estate and generation-skipping transfer tax payments and return filings on Form 706
- Form 8971
- Gift and generation-skipping transfer tax payments and return filings on Form 709
- Estate tax payments of principal or interest due as a result of an election made under Secs. 6166, 6161, or 6163 and annual recertification requirements under Sec. 6166;
- Exempt organization business income tax and other payments and return filings on Form 990-T
- Excise tax payments on investment income and return filings on Form 990-PF, and excise tax payments and return filings on Form 4720
For more information on Notice 2020-23, please use these additional resources: