On April 9, 2020, the IRS released Notice 2020-23 which expands the relief that the IRS has previously granted with respect to deadlines. Specifically, Notice 2020-23 expands the prior deadline extension to all persons with specific payment and filing deadlines falling between April 1, 2020 and July 15, 2020. The extended deadline is now July 15, 2020. The payments and filings extended include the following:
- Individual income tax payments and filings (including Form 1040-NR for nonresident aliens);
- Quarterly estimated income tax payments for individuals, estates, trusts, corporations, and exempt organizations (those filing Forms 990-W, 1040-ES, 1040-ES (NR), 1040-ES (PR), 1041-ES, and 1120-W) – note that this now includes the second quarter estimated payments previously due June 15, 2020;
- Calendar year or fiscal year corporate income tax payments and filings;
- Calendar year or fiscal year partnership return filings;
- Estate and trust income tax payments and filings;
- Estate and generation-skipping transfer tax payments and filings, including Form 706 filed pursuant to Revenue Procedure 2017-34;
- Basis reporting for property acquired from a decedent, filed on Form 8971;
- Gift and generation-skipping transfer tax payments and filings;
- Estate tax payments of principal or interest owed as a result of an election to pay the tax over a period of years;
- Exempt organization business income tax and other payments and filings on Form 990-T; and
- Excise tax payments on investment income and filings on Form 990-PF and excise tax payments and filings on Form 4720.
In addition, Notice 2020-23 grants some taxpayers additional time to amend their 2016 tax returns to claim a refund, which normally must be amended within three years from the date of filing. This means taxpayers that filed their 2016 income tax returns by April 15, 2017 now have until July 15, 2020 to amend their return and claim a refund of any overpayment of tax.
More information can be found here on the IRS website.
Please reach out to your HBK tax advisor to discuss how this may affect your specific situation.