IRS Notice 2020-18, which supersedes a more restrictive Notice 2020-17, provides taxpayers with relief concerning income tax filings and payments otherwise due on April 15, 2020. For taxpayers with a due date for filing Federal income tax returns and making Federal income tax payments on April 15, 2020, the due date is automatically postponed until July 15, 2020.
Affected taxpayers are not required to file forms 4868 or 7004 and there is no limit on the amount of payments that may be postponed. This relief is solely available with respect to Federal income tax payments (including payments of tax on self-employment income). No extension is provided for the payment or deposit of any other type of Federal tax or the filing of any Federal information returns.
As a result of the postponement of the due date for filing Federal income tax returns and making Federal income tax deposits from April 15, 2020 to July 15, 2020, the period beginning April 15, 2020 and ending July 15, 2020 will be disregarded in the calculation of any interest and penalty, or addition to tax for the failure to file the Federal income tax return or pay the Federal income taxes postponed by the Notice.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.