The Internal Revenue Service (IRS) released Notice 2020-18 Friday afternoon, March 20, superseding previous guidance. The new notice allows all taxpayers until July 15 to file tax returns that would originally be due April 15.
The notice also defers required estimated payments, originally due April 15, to be due July 15. This extension of time to pay was previously allowed by Notice 2020-17; however, the new notice removes the previous limitation on the dollar amount of payments that may be deferred. Taxpayers may now defer any amount of payment.
For the sake of this notice, taxpayers include an individual, trust, estate, partnership, association, company or corporation.
The notice did not provide any further guidance on the notice’s effects on fiscal year taxpayer or the second quarter estimated payment, normally due June 15.
For more information about Notice 2020-18, reach out to us at email@example.com.