Yesterday the IRS released Notice 2020-17 providing relief from tax payment deadlines due to the COVID-19 emergency. Please note this relief is for tax payments only. This notice does not provide an extension for filing of any tax or informational return. Personal tax returns are still due by April 15, 2020.
The IRS Notice gives taxpayers until July 15, 2020, to make payments for amounts due on the 2019 personal tax return and first quarter estimated payments for 2020. For example, if you owe $1,000 on your 2019 personal tax return and $500 for the 2020 first quarter estimate, you now have until July 15, 2020, to make the payments (instead of April 15th). The personal tax return still needs to be filed by April 15th (or put on extension), but you have until July 15th to make the required payments.
The IRS Notice also places limits on who can delay payments until July 15th. Up to $1,000,000 may be postponed for an individual taxpayer, regardless of filing status (i.e., whether single or married filing jointly, if the amount due is $1,000,000 or less, you have until July 15th to make the payment). For a corporate taxpayer, the maximum amount that may be postponed until July 15th is $10,000,000.
If you have any questions or concerns regarding COVID-19 related matters, please contact us. We will not bill you for any of those discussions. We are in this together, and Fluence is here to support you through this difficult time.