The IRS has previously postponed the due dates for income tax returns and payments and gift tax returns and payments, and has now issued Notice 2020-23, which expands deadline relief to other returns and payments. In general, many returns and payments that would have been due on or after April 1, 2020 and before July 15, 2020 are now due on July 15, 2020. This includes:
- Second quarter estimated tax payments (previously due on June 15, 2020);
- Fiscal year returns due during the above referenced time period;
- Estate tax returns on Form 706; and
- Information reporting for foreign activity on Forms 3520, 5471, 5472, 8621, 8858, 8865, and 8938.
The guidance also confirms that any elections that were required to be made on a timely filed return can now be made by July 15, 2020. In addition, extensions to file individual income tax returns on Form 1040 can now be made by July 15, 2020, which will extend the filing date (but not payment date) to October 15, 2020.
Finally, certain “time-sensitive actions” required in tax matters, for example, filing a claim for credit or refund and filing petitions with the Tax Court, can now be made by July 15, 2020, provided that the time period for such actions did not expire before April 1, 2020.
If you have questions on the recent IRS guidance or any other tax issue, or need assistance in preparing your income, estate, or gift tax returns, please don’t hesitate to reach out to me.
If you have questions about estate planning, probate, trusts, and tax matters, please contact one of Conn Kavanaugh’s experienced estate planning lawyers.
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