In late March, the IRS Notice 2020-18 postponed all federal income tax payments and income tax returns that were due April 15, 2020, to July 15, 2020. This included, among others, Forms 1040, 1041, and 1120, plus estimated tax payments. Later, Notice 2020-20 generally expanded this relief to include certain gift and estate tax returns and payments.

Now the IRS has released Notice 2020-23, which further expands upon the relief provided in those notices, generally postponing until July 15, 2020, all tax returns, forms, attachments to forms (including elections), and tax payments (including Section 965 tax payments) that were due on or after April 1, 2020, and before July 15, 2020, including those on extension.

Some notable additions that were not covered by prior IRS guidance include:

• Filing a claim for credit or refund of any tax 
• Form 990
• Form 4466 (C corp application for quick refund of estimated tax)
• International Forms (5471, 5472, 8858, and 8865)
• Quarter 2 estimates (generally due June 15, 2020)
• Trust & Estate Forms (5227, 3520, 1041, 8855, 706 series, 8971 and 2553 (QSST/ESBT))

The Notice specifically lists most returns and forms that have been postponed and provides the following language (emphasis added):  

“The Secretary of the Treasury has also determined that any person performing a time-sensitive action listed in either Section 301.7508A-1(c)(1)(iv) – (vi) of the Procedure and Administration Regulations or Revenue Procedure 2018-58, 2018-50 IRB 990 (December 10, 2018), which is due to be performed on or after April 1, 2020, and before July 15, 2020 (Specified Time-Sensitive Action), is an Affected Taxpayer.”

Rev. Proc. 2018-58 contains an extensive list of elections, forms, and other “time-sensitive acts,” including extending, until July 15, both (a) the 45- and 180-day rules for Section 1031 exchanges and (b) the 180-day rule for investment in a qualified opportunity zone fund.   
The Notice also defines “time-sensitive actions” to include activities set forth in Regulation Sections 301-7508-1(c)(1)(iv)-(vi), including filing a petition with the Tax Court and filing a claim or bringing suit for a credit or refund. 

What does CohnReznick think?

Contact

Patrick Duffany, JD, CPA, Managing Partner, Tax

959.200.7270

Brian Newman, CPA, Partner, Practice Leader, Federal Tax Services

959.200.7009

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