On Friday, the IRS officially announced that, because of COVID-19, tax returns due April 15 will not have to be filed until July 15 this year. The notice applies to any person with Federal Income tax payment or Federal income tax return due 4/15/2020. The term “person” includes individual, trust, estate, partnership, association, company or corporation. Below are more important call outs from Notice 2020-18, and a link to view the full notice.
- Due date and tax payments are automatically postponed to 7/15/2020
- Affected taxpayers do not have to file Forms 4868 or 7004
- There is no limitation on the amount of the payment that may be postponed
- Relief is available for Federal income tax payments (including tax on self-employment income) due on 4/15/2020 as well as Estimated Payments due on 4/15/2020 for 2020 taxable year
- No extension is provided for any other type of Federal tax or filing of any other Federal information return
- Payments made from 4/15 through 7/15 will be disregarded in calculation of interest, penalty, or addition to tax for failure to file or to pay. Interest, penalties, etc. will begin to accrue on 7/16/20.
Read the full Notice 2020-18 here
Contact any of the HW&Co. Tax Advisors with questions.
