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COVID-19 Updates

Tax Update 3/20/2020

By March 20, 2020No Comments

As of 5:00pm March 20, 2020:

The IRS just released Notice 2020-18, superseding Notice 2020-17 (which was issued on March 18, 2020). The new guidance confirms that federal income tax returns otherwise due April 15, 2020 are automatically extended to July 15, 2020. Also, that the previously announced caps of income tax deferrals of $10m for corporations and $1m for all other taxpayers have been lifted and there is no limit on the amount of income tax that can be deferred. The notice also confirms that the 2020 second quarter estimated tax payment remains due on June 15, 2020.

We will keep you updated as circumstances change.

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