In March, The Internal Revenue Service (IRS) announced the extension of filing and payment of federal taxes due on April 15, 2020, to July 15, 2020. This extension allows for no late filing penalties or interest to be assessed. Notice 2020-23 was issued late last week to provide additional tax extensions for individuals and businesses. Generally, all filing and payments of federal taxes due on or after April 1, 2020, and before July 15, 2020, will be extended until July 15, 2020.
The Notice confirmed the following forms are extended until July 15, 2020:
- Individuals filing Form 1040-NR
- Corporations filing Form 1120-F
- Fiscal year corporate and partnership returns
- Estates or trusts filing Form 1041
- Gifts or generation-skipping tax payments filed on Form 706 or 709
- Exempt organizations filing Form 990-T, 990-PF, or 4720
- International informational forms such as Form 5471, 5472, 8621, 8858, 8865, and 8938
- Installment payments under 965(h)
The filing relief for the forms above is automatic and requires no extension to be filed.
The Notice also provides an additional 30 days for the IRS to respond to taxpayers under examination, cases under appeals, and any tax assessments due during this time frame.
It is important to note that this extension is for federal purposes only, but states are continuing to respond with extended timelines.
Barnes Dennig COVID-19 Advisory Team Leaders: