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Around the Chamber

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IRS Confirms Extension to File by July 15, 2020

3/21/2020

 

Author

Daniel Mayo, Withum

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​In response to the Treasury Secretary’s statements, the IRS today issued Notice 2020-18 to supersede its prior guidance, Notice 2020-17, issued two days earlier.

The new Notice confirms that the extension from April 15 to July 15 applies to all taxpayers and without any taxable amount limits. Here is what we know:
​
  1. Type of taxpayer – it applies to all individuals, trusts, estates, C corporations, S corporations reporting entity level tax, and partnerships.
  2. Returns – it applies to all Federal income tax returns due April 15, 2020.
    • Taxpayers do not need to file an extension request under Forms 4868 or 7004.
  3. Taxes – it applies all Federal income tax payments (including payments of tax on self-employment income) due April 15, 2020, including 2019 income taxes and 2020 estimated income tax payments.
    • There is no limit on the amount of the payments that may be extended.
    • It does not apply to estate or gift taxes.
    • It does not apply to tax payments reportable on Form 965, relating to the repatriation tax of 2017.
  4. Interest & Penalties – if the income taxes postponed under the Notice are not paid by July 15, 2020, then interest and penalties on the taxes will begin to accrue on July 16, 2020.
  5. Notice 2017-17 is superseded and no longer the position of the IRS.

The Notice is very taxpayer friendly and resolves most if not all of the outstanding questions relating to the extension.

This Notice applies to Federal income taxes only, and not to state taxes. Many of the states are likely to follow this approach, but specific state guidance is required to make that happen.
If you have any questions regarding this notice, please reach out to your Withum tax advisor or contact us here.

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©2022 Morris County Chamber of Commerce  |  A 501(c)(6) nonprofit membership organization  |  Site Map
  • About
    • Chamber Team
    • Our Mission
    • About Our President
    • Morris Business Cabinet
    • Board of Directors
    • Ambassadors Council
    • What Members Are Saying >
      • Share a Testimonial
    • Frequently Asked Questions
    • Forums & Committees >
      • Business Development Forum
      • Business Strategy & Tactics Forum
      • Environmental & Sustainability Forum
      • Government Affairs
      • Health & Wellness Forum
      • Hispanic & Diversity Business Forum
      • Human Resources Committee
      • Not For Profit Roundtable >
        • 2021 NFP Excellence Award Honorees
        • Nonprofit Donations
        • Not For Profit Conference Scholarship App
      • Tech Talk Forum
      • Women in Business Program
      • Young Professionals Forum
    • Staff Forms - Internal Use Only
  • Membership
    • Join the Morris Chamber
    • Retail Restaurant Membership
    • Member Benefits
    • New Member Survey
    • The Value of Membership >
      • Grow Your Business
      • Build Your Brand
      • Professional Development & Education
      • Government Advocacy
      • Community Outreach & Volunteering
    • Mobile App
    • Member to Member Deals
    • Healthcare Solutions
    • Member Marketing Opportunities
    • Enhance Your Directory Listing
    • Member Referral Bonus
    • Connect to Morris Job Bank
    • Grand Opening Support
  • Events
    • Chamber Event Calendar
    • Member Events Calendar
    • COVID-19 Safety
    • Signature Events & Programs
    • Leaders in Business Nominations 2022
    • Golf Donations 2022
    • Submit an Event Idea
  • Directory
    • Searchable Business Directory
    • Nonprofit Organizations >
      • Not for Profit Spotlight
  • News & Info
    • Member Exchange Online Community
    • Chamber Magazines
    • Business Resources
    • Legal Resources >
      • Employment Law
      • Commercial Services
      • Business Representation
      • General Legal
    • News Around the Chamber >
      • Around the Chamber Archive
      • Submit a Press Release
      • Submit a Neighbors Helping Neighbors Story
    • MCCC Blog >
      • Contribute to Our Blog
    • Discover Morris County
    • Morris County Board of Commissioners
  • Programs
    • Economic Development Corp.
    • EDC Business Counseling
    • Leadership Morris >
      • Leadership Morris FAQs
      • Leadership Morris Application
      • Leadership Morris Program
      • Leadership Morris Alumni Council
      • Renew LMAA Membership
    • Executive Council Program
    • Women In Business >
      • Women in Business Mastermind
      • Women in Business Executive Round Table
      • Women in Golf Program
    • Morris Chamber Toastmasters
    • Entrepreneur Roundtable
    • Thrive Morris
    • Work-Based Learning Internship Program
  • MCTV
    • MCCC On-Demand
    • MCTV Let's Talk
    • Actionable Advice Video Library
    • Member Spotlights
  • Member Login