On April 9, 2020, the U.S. Treasury Department and the Internal Revenue Service (IRS) issued Notice 2020-23 to provide additional relief from the 2020 tax deadlines due to COVID-19. As a result, the following Federal tax payments and Federal tax returns that were otherwise due on or after April 1, 2020, and before July 15, 2020, are now due on July 15, 2020:
- Individual income tax payments and return filings — Forms 1040, 1040-ES, 1040-SR, 1040-NR, 1040-NR-EZ, 1040-PR, and 1040-SS
- Corporate income tax payments and return filings — Forms 1120, 1120-C, 1120-F, 1120-FSC, 1120-H, 1120-L, 1120-ND, 1120-PC, 1120-POL, 1120-REIT, 1120-RIC, 1120-S, and 1120-SF, and 1120-W
- Partnership return filings — Forms 1065 and 1066
- Estate and trust income tax payments and return filings — Forms 1041, 1041-ES, 1041-N, and 1041-QFT
- Estate, gift, and generation-skipping transfer tax payments and return filings — Forms 706, 706-NA, 706-A, 706-QDT, 706-GS(T), 706-GS(D), 706-GS(D-1), 709, and 8971
- Exempt organizations — Forms 990-PF, 990-T, and 990-W
Note that these are automatic extensions of both returns and payments, and they do not require taxpayers to file for an extension. The automatic extension also applies to any schedule, return, or other form filed as an attachment to one of the forms listed above (e.g., Forms 3520, 5471, 5472, 8621, 8858, 8865, and 8938).
What about Forms 990 (not-for-profit information return), 5227 (split-interest trust) and 8813 (partnership withholding)?
As a result of the notice’s reference to Revenue Procedure 2018-58, it appears that the automatic extension of time to file also applies to Form 990, Return of Organization Exempt from Income Tax; Form 5227, Split-Interest Trust Information Return; and Form 8813, Partnership Withholding Tax Payment Voucher (Section 1446).
Are there deadlines that were NOT extended?
The automatic extension of time to file does not apply to Form 941, Employer’s Quarterly Federal Tax Return.
Can we file for an extension beyond July 15, 2020?
Taxpayers that need additional time beyond July 15, 2020, to file one of the forms listed above can file the appropriate extension form by July 15, 2020. However, the additional extension date may not go beyond the original statutory or regulatory extension date. For example, a Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, may be filed by July 15, 2020, to extend the time to file an individual income tax return until October 15, 2020.
What about actions other than filing tax returns or sending payments?
Notice 2020-23 also gives taxpayers until July 15, 2020, to perform certain “Specified Time-Sensitive Actions” that were otherwise due between April 1 and July 15, 2020. These actions include:
- Filing petitions with the Tax Court
- Filing a claim for credit or refund of any tax
- Bringing suit upon a claim for credit or refund of any tax
Finally, Notice 2020-23 grants a 30-day postponement for “Time-Sensitive IRS Actions” if the last date for performance of such action is on or after April 6, 2020, and before July 15, 2020. These are actions related to:
- Taxpayer examinations
- Independent Office of Appeals cases
- Assessing tax shown as due on an amended return filed by a taxpayer
Still puzzled? If you have questions about your individual tax situation, please contact us for help from one of Weaver’s tax professionals.
For more information:
Relief from Not Making Employment Tax Deposits due to COVID-19 Tax Credits
Answers to Questions about the Cares Act Employee Retention Tax Credit
CARES Act Webinar, Part II: Business Tax Provisions
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