Further IRS Due Date Changes & Stimulus Payment Information

April 14, 2020

Dear Clients, Colleagues and Friends,

The Internal Revenue Service (IRS) has announced Additional Relief for Taxpayers Affected by the Ongoing Coronavirus Pandemic (Notice 2020-23). Please see below for a brief summary of these updates:

The IRS has extended returns and payments that would have been due between April 1, 2020 through July 15, 2020, to July 15, 2020. This announcement applies to the following:

· Individuals (Form 1040)
· Partnerships (Form 1065)
· Corporations (Form 1120)
· Exempt Organizations (Form 990, 990 EZ)
· Estates and Trusts (Form 706, 1041)
· Any information return which would have accompanied a listed return above.

The IRS extends relief to second quarter estimated tax payments due June 15, 2020 to July 15, 2020. This means that any individual or corporation that has a quarterly estimated tax payment due on or after April 1, 2020, and before July 15, 2020, can wait until July 15, 2020 to make that payment, without penalty.

For any 2016 tax returns that still need filing, the updated deadline to claim a refund is now July 15, 2020.

For further guidance, please visit: https://www.irs.gov/newsroom/irs-extends-more-tax-deadlines-to-cover-individuals-trusts-estates-corporations-and-others

Lastly, individuals who are not required to file tax returns can submit information to get their stimulus relief check here:
https://www.irs.gov/coronavirus/non-filers-enter-payment-info-here

For additional updates and guidance regarding COVID-19, please visit the News section of our website at www.pntax.com.

Presti & Naegele