The IRS has issued Notice 2020-18, permitting taxpayers to delay until July 15, 2020, the filing of federal income tax returns and the payment of federal income taxes that would otherwise be due April 15, 2020.

Federal income tax returns for all taxpayers that were previously due on April 15 will now be considered as timely filed if submitted by July 15, 2020. Additionally, the due date for federal income tax payments (including payments of tax on self-employment income) that were previously due on April 15, 2020, is postponed until July 15, 2020. Such postponed amount due is applicable without regard to the dollar amounts associated with such payments due.

The relief is limited only to federal income tax returns and payments due on April 15 and does not apply to other types of federal or state or local taxes, or for tax returns or payments due prior to April 15.

Our Tax Group will continue to monitor IRS activities associated with the emergent COVID-19 pandemic, and will provide updates in the future as additional actions are taken by the IRS.