Daniel Mayo, Withum
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:
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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