On April 9, 2020 the Internal Revenue Service (IRS) issued Notice 2020-23 (link below).  This notice extends additional key tax deadlines for individuals and businesses.

Last month, the IRS announced that taxpayers generally have until July 15, 2020, to file and pay federal income taxes originally due on April 15. No late-filing penalty, late-payment penalty or interest will be due.  This relief also applied to first quarter 2020 estimated tax payments due April 15, 2020.

Notice 2020-23 expands this relief to additional returns, tax payments and other actions. As a result, the extensions generally now apply to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020. Individuals, trusts, estates, corporations and other non-corporate tax filers qualify for the extra time.

Besides the April 15 estimated tax payment previously extended, Notice 2020-23 also extends relief to estimated tax payments due June 15, 2020. This means that any individual or corporation that has a quarterly estimated tax payment due on or after April 1, 2020, and before July 15, 2020, can wait until July 15 to make that payment, without penalty.

Notice 2020-23: https://www.irs.gov/pub/irs-drop/n-20-23.pdf

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The MCM Tax Services Team is here to ensure you have the important information you need during this challenging time. Please reach out to your MCM Representative with any questions, or contact covidtax@mcmcpa.com.

Nothing in this document should be construed as providing tax advice.  Please consult with your own professional tax advisor.  In addition, this document represents the information that we have up to the date the presentation was made and cannot be relied upon for additional updates beyond that date.