IRS Extends More Tax Deadlines Due to Covid-19

IRS extends more tax

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IRS Extends More Tax Deadlines Due to Covid-19

IRS extends more tax

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In response to the ongoing situation due to COVID-19, the Department of Treasury and Internal Revenue Service announced that additional key tax deadlines for individuals and businesses are extended.

The notice expands this relief to additional returns, tax payments, and other actions. As a result, the extensions generally now apply to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020. With this period, the calculation of penalty and interest will be ignored. Such amounts will accrue after July 15, 2020. 

Individuals, trusts, estates, corporations, and other non-corporate tax filers now qualify for the extra time without applying for an extension. This means that anyone, including Americans who live and work abroad, can now wait until July 15 to file their 2019 tax forms and pay any tax due. If the calendar-year taxpayer wanted to extend the filing until October 15, 2020, then they need to apply for an extension on or before July 15, 2020. 

The tax forms include the following:

Overview of Extensions Granted in Notice 2020-23
Type of Tax Return
Form
2020 Deadline
Individual Tax Return & Payments Form 1040 series 7/15/2020
Trust & Estate Tax Return & Payment Form 1041, 1041-N, 1041-QFT 7/15/2020
Corporation Tax Return & Payments Form 1120 series 7/15/2020
Return of Organization Exempt from Income Tax ² Form 990 7/15/2020
Quarterly Estimated Income Tax Payments & Payments Form 990-W; Form 1040-ES; 1040-ES (NR), 1040-ES (PR); Form 1041-ES; Form 1120-W 7/15/2020

The above list is not all-inclusive. Rev. Proc. 2018-58 provides other disaster-related relief for time-sensitive actions and elections.

The payment obligations and filing obligations specified are contained in Notice 2020-23. This amplifies previously issued notices which are Notice 2020-18  and Notice 2020-20.

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