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IRS Grants Broad Relief on Due Dates

Friday, April 10, 2020   (0 Comments)
Posted by: Amy Spencer
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The IRS just released this Notice 2020-23 to extend more tax deadlines for individuals and businesses.

The relief covers taxpayers that have a filing or payment deadline between April 1 and July 15, 2020.  It applies to fiscal year entities, estate tax returns, nonprofit organizations, information returns and more. 

In addition, the deadline for second quarter estimated tax payments has been moved from June 15 to July 15, and the relief is automatic so taxpayers don’t need to file any extension forms to get the relief.

The American Institute of CPAs (AICPA) President & CEO, Barry Melancon, CPA, CGMA, released the following statement applauding Treasury and the Internal Revenue Service (IRS) for its decision to grant tax filing and payment extensions for all tax-related deadlines due between April 1 and July 15:

“Over the last several weeks, we repeated our requests to Treasury and the IRS for extensive tax filing and payment relief. Today’s release of Notice 2020-23 is great news to the thousands of taxpayers and tax professionals who are faced with upcoming deadlines. The seriousness of this global crisis is overwhelming. We commend Treasury and the IRS for recognizing the added stress these deadlines cause and taking action to ensure taxpayers and their advisors can take care of their families and their employees appropriately.

“While the AICPA appreciates the relief announced today, we continue to urge Treasury and IRS to develop a contingency plan for the next phase of relief should that be needed. As a country, we should not risk anyone’s life to meet tax filing obligations.”

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