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March 24, 2020
IRS Notice 2020-18 provided immediate relief to taxpayers in regards to making tax payments AND the due date for filing returns due to COVID-19.
Recent IRS guidance clarifies that the deadline to make a contribution to a Traditional IRA, Roth IRA, and Health Savings Account for the 2019 tax year is also extended until July 15, 2020.
At this time, there is no there is no automatic extension for federal gift tax returns and payments, which are due April 15, 2020. Taxpayers may apply for an extension to file Form 709, but the deadline is not automatically extended. Payment of any federal gift taxes for tax year 2019 is still due by April 15, 2020.
Key Considerations Regarding IRS Notice 2020-18
Any person (individual, trust, estate, partnership, association, company or corporation), with a federal income tax payment or a federal income tax return due April 15, 2020 is considered affected by the COVID-19 pandemic, and is an Affected Taxpayer.
Other Considerations
Resources:
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Dallas, TX 75251
Phone: (972) 503-1040
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