Late yesterday, the IRS issued a new Notice that changes the previous payment relief and provides new filing relief for taxpayers.
Now:
For any person (defined as an individual, trust, estate, partnership, association, company or corporation) with a Federal income tax payment or a Federal income tax return due April 15, 2020, the due date for the return and the related tax payment or estimated tax payment is automatically postponed to July 15, 2020. Affected Taxpayers do not have to file Forms 4868 or 7004. There is no limitation on the amount of the payment that may be postponed.
The relief is available solely with respect to:
1) Federal income tax returns and payments (including payments of tax on self-employment income) due on April 15, 2020 for the Affected Taxpayer’s 2019 taxable year, and
2) Federal estimated income tax payments (including payments of tax on self-employment income) due on April 15, 2020 for an Affected Taxpayer’s 2020 taxable year.
It is important to remember that taxpayers with filing and payment deadlines other than April 15 have received no relief to date.
Examples of other obligations taxpayers may have on April 15 and which are NOT covered by these extensions are Federal Gift and Generation-Skipping Transfer Taxes. It is not yet known whether the IRS intended to also extend certain elections which are required to be made by April 15. Miller Kaplan is monitoring this closely.
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We highly recommend you confer with your Miller Kaplan advisor to understand your specific situation and how this may impact you.
