The Income Tax Due Date is Now July 15, 2020 and not April 15, 2020

On March 20, 2020, the Treasury Department and the Internal Revenue Service issued Notice 2020-18, superseding Notice 2020-17, issued on March 18, 2020, which provided tax payment relief for taxpayers. Notice 2020-18 provides expanded tax payment relief and tax return filing relief.

Notice 2020-18 provides that the due date for filing Federal income tax returns and making Federal income tax payments (including payments of tax on self-employment income) due April 15, 2020 is automatically postponed until July 15, 2020. This postponement applies to Federal income tax returns of individuals, trusts, estates, partnerships, associations, companies or corporations. These taxpayers do not have to file automatic extension requests on Forms 4868 or 7004.

Estimated payments of such taxes due April 15, 2020 are automatically postponed until July 15, 2020.

There is no limitation on the amount of the payment of the aggregate amount of 2019 Federal income tax and 2020 estimated tax due April 15, 2020, that may be postponed. In superseded Notice 2020-17, the deferral limit of such tax payments was $1,000,000.

The period beginning on April 15, 2020, and ending on July 15, 2020, will be disregarded in the calculation of any interest, penalty, or addition to tax for failure to file the Federal income tax returns or to pay the Federal income taxes postponed by Notice 2020-18.

If a taxpayer expects to receive a refund of tax upon filing a Federal income tax return, the IRS urges that taxpayer to file an income tax return and get the money as soon as possible.

Currently, there is no deferral provided for Federal estimated tax payments due June 15, 2020.

Guidance about due dates for state and local income tax returns, payments of tax due on those returns and estimated payments, all due on or after April 15, 2020, varies and is evolving daily. We are tracking those developments.

There are a number of other questions that arise with respect to other actions, deadlines, payments and calculations related to tax returns originally due April 15, 2020. We will monitor and communicate important guidance that develops.

Contact your HM&M tax advisor, if you have questions.

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For more information check out HM&M’s COVID-19 Resources page.

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