IRS Issues New Extensions for Tax Filing, Payments

Late Thursday, the IRS issued Notice 2020-23 detailing the extension of numerous tax deadlines covering individuals, estates, corporations and others. The new extension covers a variety of tax form filings and payment obligations that are due between April 1, 2020 and July 15, 2020, including estimated tax payments due June 15 (now due July 15th) and the deadline to claim refunds from 2016. The Notice also suspends associated interest, additions to tax, and penalties for late filing or late payment until July 15, 2020.

More tax deadlines extended

The new Notice expands upon relief provided in earlier guidance by extending the following filing and payment deadlines:

• Individual income tax payments and return filings on 1040-NR, U.S. Nonresident Alien Income Tax Return, 1040-NR-EZ, U.S. Income Tax Return for Certain Nonresident Aliens With No Dependents
• Calendar year or fiscal year corporate income tax payments and return filings on Form 1120, U.S. Corporation Income Tax Return, 1120-C, U.S. Income Tax Return for Cooperative Associations, 1120-F, U.S. Income Tax Return of a Foreign Corporation, 1120-FSC, U.S. Income Tax Return of a Foreign Sales Corporation, 1120-H, U.S. Income Tax Return for Homeowners Associations, 1120-L, U.S. Life Insurance Company Income Tax Return, and 1120-S, U.S. Income Tax Return for an S Corporation.
• Calendar year or fiscal year partnership return filings on Form 1065, U.S. Return of Partnership
• Estate and trust income tax payments and return filings on Form 1041, U.S. Income Tax Return for Estates and Trusts
• Estate and generation-skipping transfer tax payments and return filings on Form 706
• Gift and generation-skipping transfer tax payments and return filings on Form 709
• Exempt organization business income tax and other payments and return filings on Form 990-T, Exempt Organization Business Income Tax Return
• Excise tax payments on investment income and return filings on Form 990-PF, Return of Private Foundation or Trust Treated as Private Foundation, and excise tax payments and return filings on Form 4720, Return of Certain Excise Taxes
• Quarterly estimated income tax payments calculated on or submitted with Form 990-W, Estimated Tax on Unrelated Business Taxable Income for Tax-Exempt Organizations
• 1040-ES, Estimated Tax for Individuals, 1040-ES (NR), U.S. Estimated Tax for Nonresident Alien Individuals, 1040-ES (PR), Estimated Federal Tax on Self Employment Income and on Household Employees (Residents of Puerto Rico), 1041-ES, Estimated Income Tax for Estates and Trusts, and 1120-W, Estimated Tax for Corporations.

Relief is automatic

This relief is automatic. Taxpayers do not have to call the IRS or file any extension forms, or send letters or other documents to receive this relief.

In the Notice, the IRS has also provided additional time for the IRS to perform certain time-sensitive actions during this period and the application date to participate in the Annual Filing Season Program.

The Notice also suspends associated interest, additions to tax, and penalties for late filing or late payment until July 15, 2020.

Questions? Call your Weiss Tax Professional

As the IRS continues to issue new guidance regarding the CARES Act and other pandemic-related issues, please don’t hesitate to call us for clarification or help in understanding how it applies to you and your business. That’s why we’re here.

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