Earlier this month, the IRS issued Notice 2020-23, which granted additional relief to taxpayers impacted by COVID-19. Notice 2020-23 amplifies Notice 2020-18 and Notice 2020-20 by postponing the due date of most forms and payments due on or after April 1, 2020, and before July 15, 2020 – the Specified Period – until July 15, 2020. 

Read on for a summary of the changes for exempt organizations.

Due dates for most filings and payments postponed

Notice 2020-23 postpones until July 15, 2020, most filings and payments due within the Specified Period. This includes filings and payments falling within the Specified Period pursuant to a valid extension. This Notice also extends filing relief to exempt organizations that were not previously covered by prior IRS guidance. Filings and payments impacted include, but are not limited to, those related to Forms:

• 990 Series
• 990-T
• 990-T (IRA/Pension Plans)
• 4720
• 1024
• 1023/1023-EZ

In addition to listing specific forms by name, the Notice also provides that any person performing a “time-sensitive action” listed in Revenue Procedure 2018-58 is to be considered an “Affected Taxpayer” and granted relief within Notice 2020-23. Section 10 of Rev. Proc. 2018-58 contains an extensive list of elections and other “time-sensitive acts” for exempt organizations, including filings of Forms 990 Series, 1024, 1023 and 1023-EZ. These filings have also been postponed until July 15, 2020.

Contact

Lori Rothe Yokobosky, CPA, MST, Partner, Exempt Organizations Tax Services Practice Leader

973.403.6940

Dan Masciello, JD, LLM, Exempt Organizations Tax Services

959.200.7172

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