IRS Delays Tax Day to July 15 (Coronavirus and the Law)

Amplifying and superseding its prior Notice 2020-17, the IRS issued another notice on Friday afternoon, March 20, postponing the income tax filing deadline to July 15, 2020.

IRS Notice 2020-18 delays the tax filing due date for income tax returns due on April 15, 2020, for 90 days to provide additional relief to taxpayers.

IRS Notice 2020-17 from March 19 permitted individuals to defer up to $1,000,000 and businesses to defer up to $10,000,000 in tax payments until July 15, 2020. The updated Notice eliminates the deferment caps, and now an unlimited amount of tax payments due by individuals and businesses may be deferred until July 15, with no penalties or interest accruing.

This deferment of the filing and payment deadline applies to all taxpayers, including individuals, corporations, trusts and estates, and other non-corporate tax filers and those owing self-employment tax. It also applies to estimated income tax payments due on April 15, 2020, for the 2020 tax year.

Taxpayers needing additional time to file beyond the July 15 deadline, may request an extension by filing Form 4868 (individuals) or Form 7004 (businesses, estates, trusts).

This notice does not delay the due date for information returns.

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