IRS Notice 2020-18 has postponed this year's
tax filing deadline to
July 15, 2020. It is important to note that it extends only income tax and self-employment filings and payments and does not extend the time to file or pay employment taxes, estate taxes, gift taxes, excise taxes, information returns or any other federal tax or user fee filings. Taxpayers have until July 15, 2020, to pay income taxes without incurring penalties or interest, with no limit as to the amount of tax that may be deferred (previous IRS guidance, Notice 2020-17 limited the amount of tax that could be deferred). These postponements do not require a taxpayer to file an extension. However, if taxpayers are unable to file by July 15 they should request an extension. The IRS is encouraging taxpayers who are due a refund to go ahead and file. Refunds should arrive within 21 days of filing according to IRS.gov.
The extension to July 15, 2020, also applies to Federal estimated income tax payments applied to the 2020 tax year (including payments of tax on self-employment income) normally due on April 15, 2020. However, the Notice does not provide guidance as to the June 15, 2020, estimated tax payment date.
The time to respond to IRS notices also has not been extended. Taxpayers should review all tax notices and comply with the deadlines specified in the notice. Failure to do so could waive important rights such as the right to a collection due process proceeding.
