IRS: Notice 2020-18: Federal income tax deadline extension for filing and payment

Jeffrey Brown • March 22, 2020
Jeffrey Brown

On Friday evening, March 20, 2020, Internal Revenue Service (IRS) released an advance copy of Notice 2020-18 (superseding Notice 2020-17) automatically extending the federal income tax filing and payment due dates for certain federal income taxes from April 15, 2020 until July 15, 2020.

Notice 2020-18 applies to individuals, trusts, estates, partnerships and corporations.

Taxpayers do not have to file Forms 4868 or 7004 with IRS to request the extension. Taxpayers will have to file these forms to request an extension of time to file beyond July 15, 2020. At this time, we expect normative payment requirements will apply effective July 15, 2020.

Notice 2020-18 applies solely to federal income tax payments (including payments of tax on self-employment income) and federal income tax returns due on April 15, 2020, in respect of a taxpayer’s 2019 taxable year, and federal estimated income tax payments (including payments of tax on self-employment income) due on April 15, 2020, for a taxpayer’s 2020 taxable year. Notice 2020-18 provides no extension for the payment or deposit of any other type of federal tax, or for the filing of any federal information return.

Notice 2020-18 specifies no limitation on the amount of payments that may be postponed.

Notice 2020-18 also provides that interest, penalty and additions to tax for failure to file federal income tax returns or to pay federal income taxes postponed by Notice 2020-18 will not begin to accrue until July 16, 2020.

IRS encourages taxpayers to file tax returns as early as possible noting that it continues to issue most refunds within 21 days of the filing of a tax return.

Fuller Landau’s US tax professionals continue to assist our clients with their US tax compliance and advisory needs. All our team members are working remote, utilizing our secure IT infrastructure, communications and programs.

If you have any questions, please reach out to your Fuller Landau LLP engagement team.