IRS Grants Emergency 90-Day Extension

With the Coronavirus pandemic causing widespread disruption, the IRS has given taxpayers one less thing to worry about. On March 20, the IRS issued Notice 2020-18, which automatically postpones until July 15 the due date for filing a Federal income tax return and paying Federal income tax.

Here’s what you need to know:

• The due date for filing Federal income tax returns and making Federal income tax payments due on April 15, 2020, has been postponed until July 15, 2020.
• The relief is automatic. Taxpayers do not need to file an extension request.
• The postponement applies to individuals, trusts, estates, partnerships, associations, companies, and corporations.

Keep in mind, the postponement only applies to Federal income tax, so deadlines for other Federal taxes and returns (such as gift tax and information returns), remain unchanged. Notice 2020-18 supersedes Notice 2020-17, which only deferred the due date for payments based on dollar limitations and, importantly, did not defer the filing deadline.