March 25, 2020
IRS Issues FAQs on Postponed Tax Return Filing and Payment Deadlines
Posted by COVID-19 Rapid Response Team
On March 24, the IRS posted a list of 24 “frequently asked questions” (FAQs) concerning the postponed deadlines for filing federal income tax returns and paying federal taxes in response to the coronavirus (COVID-19) pandemic. These FAQs are in response to outstanding questions related to the relief provided in Notice. 2020-18. The IRS plans to update these FAQs periodically, much like the TCJA FAQs, and issue additional guidance on the issues addressed in these FAQs. Please find the link to the FAQs here.
Some notable clarifications we’ve been looking for:
- June FYE2019 returns due April 15, 2020 are extended to July 15, 2020. Although, states likely won’t catch up with this extension. So, June FYE2019 taxpayers should still plan to file by April 15th.
- The relief does not apply to estate and gift taxes. Those are still due April 15th.
- §965(h) installment payments due April 15th are also extended to July 15th.
- For now, the extended due date is still October 15, 2020.
- Q2 estimated tax payments are still due June 15, 2020.
Please contact the Rapid Response Team with any questions. We expect continuing developments related to payments of direct and possibly indirect taxes, and we’ll post additional updates as they are issued.
These are unprecedented times. And we know you, your families and your organizations need support, now more than ever. Our top priority as your trusted advisor is to ensure we’re helping you through these tough times. Visit COVID-19 Rapid Response Resource Center for our crisis management resources and contact information for our COVID-19 Rapid Response Team Leaders.