The Treasury Department has just issued Notice 2020-23 that clarifies and expands upon already-published automatic extension guidance as part of COVID-19 relief on various tax forms, payment due dates and other time-sensitive acts. This is welcome guidance on previously issued notices regarding automatic extensions.

The notice provides that for certain specified forms, payments and time-sensitive events with due dates or after April 1, 2020 and before July 15, 2020, the extended due date will now be July 15, 2020.

Key specified forms and tax payments include those related to:

  • Form 1040 series Individual Income Tax Returns.
  • Form 1120 series Corporate Income Tax Returns.
  • Form 1065 Partnership Income Tax Returns.
  • Form 1041 series Estate and Trust Income Tax Returns.
  • Form 706 series Estate and Generation-skipping Tax Returns.
  • Form 8971 Information Returns for inherited property.
  • Form 709 Gift Tax Returns.
  • Form 990-T Exempt Organization Business Tax Returns.
  • Form 990-PF Private Foundation Tax Returns.
  • Quarterly estimated tax payments for Corporations, Exempt-organizations, Individuals, Estates and Trusts, including 1st and 2nd quarter 2020 estimated tax payments for calendar-year filers.

The notice also provides that the 180-day deadline for taxpayers investing in Qualified Opportunity Zone funds on or after April 1, 2020 and before July 15, 2020 is automatically extended until July 15, 2020.

Furthermore, the notice clarifies that the due date for all forms and schedules, such as Schedules H and SE and Forms 3520 5471, 5472, 8621, 8858, 8865, and 8938, that are required attachments to other specified forms under the notice, elections required to be made on such specified forms, and Section 965(h) installment payments that are due on or after April 1, 2020 and before July 15, 2020 are also extended until July 15, 2020.

Additionally, certain time-sensitive acts related to refund claims and Tax Court filings for certain “Affected Taxpayers” as defined in the notice that would otherwise be due on or after April 1, 2020 and before July 15, 2020 are automatically extended until July 15, 2020.

Please contact one of our professionals if you have questions on how this new extension guidance applies to you.