On Thursday, April 9, 2020, the Department of Treasury and the Internal Revenue Service announced the extension of additional key tax deadlines for individuals and businesses.
IRS Notice 2020-23 expanded deadline relief to generally apply to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020. For filing and payment deadlines within those dates, the deadline is now July 15, 2020.
Specific examples of affected returns are as follows:
- Quarterly estimated income tax payments, including the second quarter estimated tax payment for individuals usually due June 15, 2020,
- Form 1120 corporate income tax payments and returns,
- Form 1065 partnership return filings,
- Form 1041 estate and trust income tax payments and return filings,
- Form 709 United States gift and generation-skipping transfer tax payments and return filings,
- Form 706 United States estate tax return,
- Form 8971 information regarding beneficiaries acquiring property from a decedent,
- Form 990-T exempt organization business income tax and other payments and return filings,
- Form 990-PF excise tax payment on investment income and return filings,
- Form 990-W quarterly estimated income tax payments, and
- 2016 amended returns to claim refunds.
If an extension to file after July 15 is needed, taxpayers can request an extension at that time. An extension to file is not an extension to pay any taxes owed. Taxpayers requesting additional time to file should estimate their tax liability and pay any taxes owed by the July 15 deadline to avoid additional interest and penalties.
A link to the IRS notice can be found at: https://www.irs.gov/pub/irs-drop/n-20-23.pdf.