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In an effort to help taxpayers across the nation during the Coronavirus (COVID-19) national emergency, the Internal Revenue Service (IRS) announced it is extending additional tax filing and payment deadlines.
In March, the IRS announced many taxpayers had until July 15, 2020 to file and pay federal income taxes originally due on April 15 with no penalties or interest. Now the IRS is expanding the filing and payment extension via Notice 2020-23 to a variety of taxpayers originally due between April 1, 2020 and July 15, 2020, including:
This extension relief is automatically postponed to July 15, 2020 and does not require additional action by the taxpayer. However, if a taxpayer needs additional time to file and provide payment beyond this date, they may choose to file the appropriate extension form by July 15, 2020, to obtain an extension to file their return, but the extension date may not go beyond the original statutory or regulatory extension date.
Beyond the April 15 estimated tax payment due dates previously extended, Notice 2020-23 also extends relief to estimated tax payments due June 15, 2020. Any individual or corporation with quarterly estimated tax payments due on or after April 1, 2020, and before July 15, 2020, can wait until July 15, 2020 to make the payment, without penalty.
Normally, taxpayers wanting to claim a refund would need to do so before April 15 within a three-year window of the original return year. For those taxpayers looking to claim a refund on their 2016 tax return, you have until July 15, 2020 to properly address, mail and postmark the claim or the money will become the property of the U.S. Treasury.
If you are due a tax refund, Doeren Mayhew recommends you file your return as quickly as possible for immediate access to additional cash flow. If you have more questions about how this filing and payment delay specifically impacts you or your business, seek support from your Doeren Mayhew tax advisor.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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