New guidance put out by the IRS (Notice 2020-33) may affect you.  As we previously reported, individual tax return due dates are now extended until July 15th. The new Notice adds additional guidelines and applies to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020 and before July 15th, 2020. It includes individuals, trusts, estates, corporations, and other non-corporate filers. That additional 2 1/2 month period will be disregarded by the IRS in calculating any interest and penalty for failure to file or pay taxes by the original due date.

The notice grants automatic relief to affected taxpayers. No extensions or documents are required to obtain relief. The relief also extends to Forms 990 – Exempt Organization tax returns and Forms 5500 – Annual Return/Report of Employee Benefit Plans.

Estimated Taxes – The June 15th deadline for estimated tax payments is extended to July 15th. This now means that both first and second quarter payments are due at the same time.

This Notice only applies to Federal rules and regulations. We expect that the states will follow suit and will report to you accordingly.

If you have any questions regarding the Notice and how it affects you we will be happy to answer them.

Stay Well

The Partners and Staff of LHF