In an effort to help taxpayers amidst the COVID-19 crisis, the Department of Treasury and the Internal Revenue Service announced earlier today in Notice 2020-23 that they would extend additional key tax deadlines for individuals and businesses. This notice comes after last month’s announcement that taxpayers had until July 15, 2020 to file and pay federal income taxes originally due on April 15th and would not incur any late-filing or late-payment penalties or interest.
The notice today provides additional guidance and expands relief to apply to additional returns, tax payments, and other actions. Extensions now generally apply to all taxpayers that have a filing or payment deadline that falls on or after April 1, 2020 and before July 15, 2020. It also extended this relief to trusts, estates, corporations, and other non-corporate tax filers.
One question some folks have had about this extension is about any estimated tax payment that would have been due on June 15, 2020. The notice released today clarifies this and any individual or corporation that has a quarterly estimated tax payment due on June 15th can now also wait until July 15th and pay without penalty.
Taxpayers who have already filed their tax returns and have a tax payment due on April 15th need to reschedule payment to July 15th through the IRS website by midnight (Eastern Time) on Monday, April 13, 2020.
For more information and guidance, be sure to seek out a qualified legal tax professional or CPA. You can also get more information on the IRS’ website at: www.IRS.gov
This post is brought to you by the good folks at The Law Firm of Kavesh, Minor & Otis, Inc., servicing the estate planning needs of those in the Los Angeles and Orange County areas of Southern California for over 39 years. We recommend attending one of our free virtual seminars, where you can book a free attorney consultation and even qualify to receive a fee discount. You can contact us at 1-800-756-5596 for more information.