IRS provides further guidance on relief for taxpayers affected by coronavirus
By Heather Mehta
In Notice 2020-18, the IRS explained the extension for the filing and payment of federal taxes due to the COVID-19 outbreak.
The due date for filing federal income tax returns and making federal income tax payments due April 15, 2020, is automatically postponed to July 15, 2020. There is no limitation on the amount of the payment that may be postponed.
Interest, penalties and additions to tax for the payments will not accrue during the extension period but will begin to accrue on July 16, 2020.
The extension applies to individuals, trusts, estates, partnerships, associations, companies or corporations. It applies only with respect to federal income tax payments (including payments of tax on self-employment income) and returns due on April 15, 2020, with respect to the 2019 taxable year, and federal estimated income tax payments for the 2020 taxable year.