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Department of the Treasury and the Internal Revenue Service Announce Additional Tax Extensions

Department of the Treasury and the Internal Revenue Service Announce Additional Tax Extensions

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Late on April 9, 2020, the Department of the Treasury and the Internal Revenue Service (IRS) issued additional deadline extensions for individuals and businesses. Notice 2020-23 expands previously released relief, which gave certain taxpayers a three month extension on filing and paying income taxes without late-filing and late payment penalties and interest. The updated extensions generally encompass all taxpayers that have a filing or payment deadline on or after April 1, 2020 and before July 15, 2020, including individuals, trusts, estates, corporations, partnerships and other non-corporate tax filers, as well as those who live and work abroad.
Click HERE to read the announcement on the IRS website. Following are key points regarding the new extensions.

  • Individual taxpayers needing additional time beyond the July 15, 2020 deadline can still request an extension to October 15, 2020; however, they will need to estimate and pay taxes due by July 15th to avoid penalties and interest.
  • The deadline for second quarter estimated tax payments for individuals and corporations has been extended to July 15, 2020, without penalty
  • The statute of limitations for filing a 2016 return to claim a refund has been extended from April 15, 2020 to July 15, 2020. Any filing postmarked after July 15th will be forfeited to the U.S. Department of the Treasury.

Price Kong continues to monitor updates to tax deadlines and provisions, as well as other important legislative changes. As our clients and friends, we are here to help you survive today, so you can thrive in the future. Please contact us with any questions you may have. You can also access as-they-happen updates on our COVID-19 Resource Center.