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The U.S. Treasury, IRS and States Continue to Release Filing and Payment Extensions

Resource & Insights
April 6, 2020

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We have summarized a few important federal tax notices from the IRS below. Our state deadline extension updates can be found here. We will continue to provide both federal and state updates as they become available. Contact us if you have questions or need advice on your specific situation.

Notice 2020-20

On March 28, 2020, the U.S. Treasury and Internal Revenue Service released Notice 2020-20 extending the filing due date for Forms 709, U.S. Gift and Generation-Skipping Transfer Tax Returns. Also, the payment due date of federal gift and generation-skipping transfer tax due from April 15, 2020 to July 15, 2020.

Taxpayers may choose to file Form 8892, Application for Automatic Extension of Time to File Form 709 and/or Payment of Gift and Generation-Skipping Transfer Tax, to obtain an extension to file Form 709 by October 15, 2020.

Notice 2020-18

On March 20, 2020, the U.S. Treasury and the IRS released Notice 2020-18 extending the filing and payment deadline from April 15, 2020 to July 15, 2020. 

This notice superseded Notice 2020-17. This notice removed all of the payment limitations. It is also a blanket extension for all federal income taxes, including self-employment taxes for returns due on April 15, 2020. This notice did not apply to gift tax returns or other non-income tax returns. The Treasury Secretary has encouraged taxpayers who may have refunds to continue working towards filing their returns in order to access the refunds.

Notice 2020-17

On March 18, 2020, the Treasury Department and the IRS released Notice 2020-17, which clarifies the tax payment relief related to the COVID-19 pandemic. According to the notice:

  • The payment relief is available to any person with a federal income tax payment due on April 15, 2020.
  • The due date for federal income tax payments otherwise due on April 15, 2020, is extended to July 15, 2020, but only for the Applicable Postponed Payment Amount.
  • The Applicable Postponed Payment Amount is:
    • Up to $1,000,000 for a non-corporate taxpayer (e.g., an individual, estate or trust); and
    • Up to $10,000,000 for each corporate taxpayer.
  • The payment deferral includes 2019 federal extension payments and 2020 federal estimated income taxes due on April 15, 2020. This deferral also applies to self-employment taxes; however, it does not apply to other taxes.
  • For individual taxpayers, the limitation is the same for a single individual and married individuals filing a joint return.
  • Penalties and interest for failing to pay the Applicable Postponed Payment Amount will not begin to accrue until July 16, 2020.
  • The Treasury has not extended the requirement to file. Tax returns still need to be filed. The only relief is for the payment of taxes up to the limits included above.

In this time of unprecedented changes, at Weaver, we remain vigilant in serving our clients and monitoring the changing deadlines and filing requirements. We are working remotely even during local and national movement restrictions, and our team is assisting tax clients with meeting their filing obligations and choices. If you have questions or need advice on your specific situation, please contact your Weaver engagement team. We are here to help.

© 2020