On Friday, March 20, 2020, the IRS issued Notice 2020-18 in response to Treasury Secretary Mnuchin’s announcement that the filing deadline for returns due April 15, 2020, would be moved to July 15, 2020. Notice 2020-18 expands the relief provided to taxpayers earlier in the week by Notice 2020-17.
>> Read “IRS Notice 2020-17 Clarifies Income Tax Payment Deferral and Provides Additional Details”
Specifically, Notice 2020-18 automatically postpones the deadline for filing federal income tax returns and making federal income tax payments that were due April 15, 2020, to July 15, 2020, for all affected taxpayers. Treasury Secretary Mnuchin has determined that any person with a federal income tax return or federal income tax payment due on April 15, 2020, is an affected taxpayer. This relief applies to individuals, trusts, estates, partnerships, associations or corporations that had a return or payment due on April 15.
While this relief is welcome for many, we believe it is in the best interest of our clients to continue to move deliberately towards completing tax returns as soon as possible. Considerations should be given for refunds, investor needs and other reporting that should not be delayed. Further, state and city guidance is incomplete, so close consideration must be given for other balances due or refund opportunities.
At the time of this posting, the Senate continues to work on additional COVID-19 legislation in the form of the CARES Act, which we will provide an update on once we have additional information to share.
Contact Robert Venables at firstname.lastname@example.org or a member of your service team to discuss this topic further.
Cohen & Company is not rendering legal, accounting or other professional advice. Information contained in this post is considered accurate as of the date of publishing. Any action taken based on information in this blog should be taken only after a detailed review of the specific facts, circumstances and current law.
Receive insights from our specialists in a variety of areas and timely information on upcoming events directly to your inbox as they go live in our online Knowledge Center.