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IRS Extends More Tax Deadlines for Individuals and Businesses

The Internal Revenue Service has released Notice 2020-23 expanding the list of filers eligible for deferred filing of returns and related payments. Equally important, it allows for a postponement of all time-sensitive actions listed in Revenue Procedure 2018-58.

In addition to postponements previously granted to filers of Individual, Fiduciary, Corporation, and Gift tax returns, the Notice provides similar relief to filers of Estate (Form 706), Exempt Organization Business Tax (Form 990-T) and others. The complete list of filers is shown in the Notice.

Where the previous guidance was focused on returns and payments due on April 15, 2020, it now covers returns and payments due between April 1 and July 15, 2020. All such filings and payments are due July 15, 2020. The result is that quarterly estimated tax payments originally due June 15, 2020 are also delayed to July 15, meaning that the first and second quarter payments will effectively be combined.

In addition to the tax filers identified in the Notice, the reference to acts covered by Revenue Procedure 2018-58 is equally important. This lengthy document pertains to the filing of informational returns such as Forms 990 and 5500, as well as other time sensitive tasks that include filing Tax Court petitions, identifying and completing the replacement of properties subject to like-kind exchange treatment under Code Section 1031.

Net Operating Losses

The Internal Revenue Service also issued guidance to Taxpayers who incurred Net Operating Losses in 2018 and 2019, as well as those who incurred losses in the 2017-18 fiscal year via Revenue Procedure 2020-24 and Notice 2020-26.

The tax practice of AAFCPAs will continue to monitor communications from the IRS, the Treasury Department, and the MA DOR. We will keep you informed as changes occur or become clarified.

If you have any questions please contact: Richard Weiner, CPA, MST at 774.512.4078, rweiner@nullaafcpa.com; or your AAFCPAs Partner.

About the Author

Richard Weiner CPA
Rich has over 30 years of broad tax experience with a specialty in tax planning and consulting for private and publicly-held businesses. Rich has specific expertise in the Software, Bio-Technology, Medical Device, Life Science, Manufacturing, Retail, Professional Service and Publishing industries, as well as U.S. aspects of international taxation. He works extensively with European companies expanding into the U.S. market. Additional areas of focus include companies and stockholders in transition, including structuring of and planning for Mergers & Acquisitions, planning for changes in ownership and management, and adoption of tax methodologies with a view toward the long term. He is well known in his field and is a frequent speaker on a variety of tax related topics.