UPDATE - COVID-19 Federal Return and Payment Extensions

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UPDATE 3/20/2020: The April 15th deadline for filing tax returns will now be postponed until July 15th.

 

Federal Postponement of Tax Return Due Date and Payments

 

On March 18, 2020, the Department of the Treasury and the Internal Revenue Service issued Notice 2020-17 postponing the due date for certain Federal income tax payments. On March 20, 2020, Notice 2020-18 was issued restating and expanding on the relief provided in the prior notice.  The key points are as follows:

 

  • Any person with Federal income tax payment or a Federal income tax return due April 15, 2020, is affected by the COVID-19 emergency for purposes of the relief ("Affected Taxpayer")
  • The term "person" includes an individual, a trust, estate, partnership, association, company or corporation
  • For an Affected Taxpayer, the due date for filing Federal income tax returns and making Federal income tax payments due April 15, 2020, is automatically postponed to July 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 unlike in the prior notice.
  • The relief is available solely with respect to Federal income tax payments (including payments of tax on self-employment income) and Federal income tax returns due on April 15, 2020, in respect of an Affected Taxpayer's 2019 taxable year, and Federal estimated income tax payments (including payments of tax on self-employment income) due on April 15, 2020, for an Affected Taxpayer's 2020 taxable year.
  • No extension is provided in this notice for the payment or deposit of any other type of Federal tax, or for the filing of any Federal information return.
  • As a result of the postponement, the period beginning on April 15, 2020, and ending on July 15, 2020, will be disregarded in the calculation of any interest, penalty, or addition to tax for failure to file the Federal income tax returns or to pay the Federal income taxes postponed. Interest, penalties, and additions to tax with respect to such postponed Federal income tax filings and payments will begin to accrue on July 16, 2020.

 

More information on https://www.irs.gov/newsroom/filing-and-payment-deadlines-questions-and-answers.

 

This publication contains general information and is not intended to be comprehensive or to provide legal, tax or other professional advice or services. This publication is not a substitute for such professional advice or services, and it should not be acted on or relied upon or used as a basis for any decision or action that may affect you or your business. Consult your advisor.

We have made reasonable efforts to ensure the accuracy of the information contained in this publication, however this cannot be guaranteed. Neither Rödl Langford de Kock LP nor any of its subsidiaries nor any affiliate thereof or other related entity shall have any liability to any person or entity which relies on the information contained in this publication, including incidental or consequential damages arising from errors or omissions. Any such reliance is solely at user's risk.

Any tax and/or accounting advice contained herein is based on our understanding of the facts, assumptions we have been asked to make, and on the tax laws and/or accounting principles in effect as of the date of this advice. No assurance is given that the conclusions would be the same if the facts or assumptions change, or are not as we understand them, or that the tax laws and/or accounting principles will not change subsequent to the issuance of these conclusions. In addition, we do not undertake any continuing obligation to advise on future changes in the tax laws and/or accounting principles, or of the impact on the conclusions herein.

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