by Rob Holcomb, EA, Extension Educator, Agricultural Business Management
On
Friday, March 20, 2020, the Internal Revenue Service (IRS) issued Notice
2020-18. This notice restates and
expands upon the relief provided in Notice 2020-17 (released March 18,
2020).
Notice 2020-17:
This
notice provides relief by postponing the due date for certain Federal income
tax payments from April 15, 2020, until July 15, 2020.
Notice 2020-18:
Due
to the COVID-19 emergency, the due date for filing Federal income tax returns
and making Federal income tax payments due April 15, 2020, is automatically
postponed to July 15, 2020. There is no
need to file extension forms.
Basically,
Notice 2020-17 extended the due date of payments. Notice 2020-18 restated the extension of the deadline
for tax payments AND extended the filing deadline. I’m listing both notices to try and avoid
confusion.
There
is no limitation on the amount of the payment that may be postponed. The relief
provided is available solely with respect to Federal income tax payments
(including payments of tax on self-employment income) and Federal income tax
returns due on April 15, 2020, in respect of an Affected Taxpayer’s 2019 taxable
year and Federal estimated income tax payments (including payments of tax on
self-employment income) due on April 15, 2020, for an Affected Taxpayer’s 2020
taxable year. No extension is provided in this notice for the payment or
deposit of any other type of Federal tax, or for the filing of any Federal
information return.
Types
of returns affected by this provision include an individual, a trust, estate,
partnership, association, company, or corporation.
