In Brief

Test Brief

February 5, 2021
Test Brief

Impacts of Covid-19 on Federal Tax


IN THIS ARTICLE

IRS Extends Filing And Payment Deadlines Until July 15 — What Should Practitioners Do Now?


As a practitioner, what should you tell clients to do?


How Companies Can Get Quick Cash Back from the IRS


Options for Taxpayers Who Can’t Pay Their Taxes


IRS Extends Filing And Payment Deadlines Until July 15 — What Should Practitioners Do Now?

As part of the U.S. government’s coronavirus response, the IRS initially announced in Notice 2020-17 an extension of the April 15 tax payment deadline until July 15 for individuals and businesses owing certain amounts.

After further consideration, and to avoid confusion between filing dates and payment dates, the IRS announced in Notice 2020-18 (which supersedes Notice 2020-17), the extension of the April 15 tax filing and tax payment deadline by 90 days until July 15 for all taxpayers, without limitation on how much is owed. 2020 estimated payments due April 15 are also deferred until July 15. The filing and payment extensions are automatic, i.e., no extensions need to be filed to qualify for the extensions.

Other taxes such as payroll and excise taxes are not covered by this relief but may be the subject of future IRS guidance.

[Subscribers: Keep up with all of the coronavirus coverage available on our Coronavirus Tax Watch page.]

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