Last updated: April 10, 2020

The IRS recently issued Notice 2020-23, which provides additional relief to filing and payment deadlines in response to the COVID-19 pandemic. The relief provided under this notice changes the due date to July 15, 2020 for most Federal tax payments and tax filings with original due dates between the period of April 1, 2020 - July 14, 2020. These changes apply to both calendar and fiscal year filers. Federal tax returns and payments covered under this relief include:

• Form 1040 individual tax returns
• Form 1120 corporate tax returns
• Form 1065 partnership tax returns
• Form 1041 Estate & Trust returns
• Form 709 Gift Tax Returns
• Forms 990-T & 990-PF for Exempt Organizations
• All estimated quarterly tax payments due from April 1 - July 14
  • Therefore, both first & second quarter estimated payments for 2020 are now due July 15

Original post: March 20, 2020

SEK is committed to keeping our clients informed with the latest developments surrounding the impact of the current COVID-19 situation on the upcoming tax filing deadlines.

This morning, Treasury Secretary Mnuchin announced on social media that the tax return filing deadline will be moved from April 15, 2020 to July 15, 2020.  This is in addition to the payment relief announced under IRS Notice 2020-17 earlier this week.

As a reminder, the payment relief under Notice 2020-17 provides that the due date for Federal income tax payments that are due April 15, 2020 are now extended for 90 days, thus taxpayers can delay payment until July 15, 2020 without interest or penalty.

Individuals can delay tax payments in an aggregate of $1,000,000 regardless of filing status.  This amount includes both the amount due for 2019 income tax and the 2020 first quarter Federal estimated income tax payment, as both are ordinarily due April 15, 2020.

C-Corporations can delay Federal income tax payments up to $10,000,000 per consolidated group or for each C-Corporation that is not part of a consolidated filing.

We expect this will continue to be an evolving situation with more information to come regarding state filing deadlines, etc. We will continue to update as more information becomes available. Please contact your Client Relationship Manager (CRM) with any questions or concerns.