ADDITIONAL GUIDANCE FROM THE IRS AND IDR ON FILING AND PAYMENT EXTENSIONS
By Nick Hopkins, CPA,CFP® Partner, Director of Tax Services [email protected]
On March 20th
, the Internal Revenue Service issued Notice 2020-18, which provides updated guidance related to the upcoming April 15th federal tax deadline. The notice restates and expands upon the relief previously provided under Notice 2020-17.
In summary, Notice 2020-18 states that the due date for filing federal income tax returns and making federal income tax payments due April 15, 2020, is automatically postponed to July 15th. Under the previous notice, the date for making payments was extended, but the date for filing returns was not. In addition, the updated guidance states that there is no limitation on the amount of payment that may be postponed. Under the previous guidance, individuals could postpone payments of up to $1 million and C-corporations could postpone payments of up to $10 million. Notice 2020-18 removes the limitations on the amount of tax that can be postponed and entirely supersedes Notice 2020-17.
In line with the IRS, the Indiana Department of Revenue has also postponed the filing of Indiana income tax returns and Indiana income tax payments until July 15th.
If we can assist you further with better understanding these updates and how they may affect you or your business, please call Nick Hopkins at (317) 608-6695 or email [email protected].
