Following Notice 2020-18 https://www.irs.gov/pub/irs-drop/n-20-18.pdf that provided for the automatic extension until July 15, 2020 of income tax returns and tax payments otherwise due on April 15, 2020, IRS has now posted here answers to many questions that have arisen with regard to that extension pronouncement.

Some key points covered include:

  • Retirement plan contributions, including IRA’s and profit-sharing contributions, and HSA and MSA contributions otherwise due by April 15, 2020 are automatically extended until July 15, 2020.
  • The extension does not apply to estate, gift, payroll, or excise tax returns. Only income tax returns are covered.
  • The May 15, 2020 due date for certain returns is not currently affected. As of now taxpayers with returns due by May 15, 2020 should plan to either file or extend by then.
  • As of now, the 2020 second quarter estimated payment deadline of June 15, 2020 is unaffected by the extension. Currently, only 2020 first quarter estimated payments that would otherwise be due by April 15, 2020 are subject to extension until July 15, 2020.
  • Taxpayers who are unable to file by July 15, 2020 can file an extension (i.e. Form 4868 for individuals or Form 7004 for certain corporations) by July 15, 2020 in order to extend the due date for filing returns until October 15, 2020.
  • IRS has provided a list of all specific forms covered by this extension.

Please contact us if you have specific questions about how these extension rules impact you or your business.

We expect that there may be forthcoming announcements and changes to some of these extension rules, which we will be monitoring for updates as needed.

 

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