Please note: This blog is current to the date of its publication, Wednesday, April 15. For additional updates or assistance navigating these uncertain times, please contact us or visit our SST COVID-19 resource page.
Last week, the Internal Revenue Service (IRS) issued Notice 2020-23, which revises, expands and clarifies the rules for certain filing and payment extensions previously granted in response to COVID-19.
SST’s experts have evaluated Notice 2020-23 and outlined several key provisions below. Additional information can be accessed through the IRS’ website or by contacting your SST account manager.
- Estimated tax payments are postponed until July 15, and both payment installments are now due on this date. Previously, the first installment was slated for April 15, followed by the second installment deadline of June 15.
- Payments and returns eligible for a postponement until July 15 have been expanded to include all taxpayers that have a filing or payment deadline falling on or after April 1 and before July 15. This relief is automatic.
- Should a taxpayer need to file an extension form by July 15, the extended due date may not go past the original statutory or regulatory extension date. For example, a Form 1040’s extended due date is still Oct. 15.
- Elections that are made or required to be made on a timely filed return are now considered timely filed under Notice 2020-23 for filings made on or before July 15.
SST is committed to equipping our clients with the most up-to-date information concerning COVID-19. We’re closely monitoring developments and encourage you to contact us with any questions or explore our COVID-19 resource page for additional information.
Thanks to SST Partner and CEO Bill Sims for providing the content for this blog post.