(Last updated March 25, 2020)
On March 24, 2020, the IRS published further guidance relating to Notice 2020-18. Filing and Payment Deadlines Questions and Answers, linked here.
The update provides answers to 24 frequently asked questions. The new information is primarily taxpayer-friendly, but some guidance was unexpected. Specifically, individual taxpayers should be aware of the following two limitations:
- If a taxpayer files a timely extension, then the extension is only valid for 3 months (not the usual 6 months). Q&A #12.
- Second quarter estimated tax payments are not postponed (i.e., they are still due on June 15th). Q&A #16.
The IRS intends to update the FAQ list periodically. Our firm will continue to monitor and provide you with important tax updates.