On April 9, 2020, the Internal Revenue Service (IRS) issued Notice 2020-23 (the Notice), which adds additional delays to tax deadlines for individuals and businesses. The IRS had previously announced that taxpayers, in general, have until July 15, 2020, to file and pay federal income taxes originally due on April 15, 2020. This included most calendar-year tax returns and first-quarter estimates. Under the Notice, taxpayers can now apply the same July 15 deadline to any tax filings or tax payments that would normally be due on or after April 1, 2020, and before July 15, 2020. Almost all taxpayers qualify for this extension, including individuals, trusts, estates, corporations, and other non-corporate tax filers.
While this extension applies to all filings and payments, the impact of the Notice on calendar-year taxpayers with estimated tax payment requirements is that their second-quarter 2020 tax estimate will now be due on the same date as their first-quarter 2020 estimate, July 15, 2020.
After the IRS issued its initial delay for tax filings and payments, most states and localities did the same. We will continue to monitor the different states and localities to determine if they also institute this delay.
If you wish to discuss any of the matters in this update in more detail, please contact Chuck Marston, Rich Pacella, or Danelle Stewart at firstname.lastname@example.org, email@example.com, or firstname.lastname@example.org, or 724-934-0344.