Estate and Succession Planning
Dean Mead’s Estate and Succession Planning Department is one of the largest and most respected groups of estate planning attorneys in Florida. We are frequently…
This evening, the IRS released Notice 2020-18, confirming Treasury Secretary Mnuchin’s earlier tweet that the April 15 due date to file Federal tax returns and pay the related income tax is extended until July 15, 2020.
The due date to pay all Federal income taxes due for 2019 and for the first quarter of 2020 also is extended to July 15, 2020. Earlier this week, the IRS issued Notice 2020-17 which deferred the due date to pay up to of Federal income tax of up to $1 million for individuals and $10 million for corporations until July 15, 2020, but Notice 2020-18 expressly supersedes Notice 2020-17 by removing the cap on the amount of tax that may be deferred.
This relief applies to all taxpayers, including individuals, trusts, estates, partnerships, associations, companies and corporations.
The extension of time is automatic; taxpayers are not required to file for extensions (Form 4868 or Form 7004).
The relief only applies to Federal income tax returns and Federal income taxes. No deferral is granted for other taxes and related returns, such as Federal gift taxes, or for information returns.
