On March 20, 2020, the Internal Revenue Service issued updated tax relief through Notice 2020-18, which supersedes the tax relief issued March 18, 2020, through Notice 2020-17, in response to the pandemic of the coronavirus, also known as COVID-19.
As a result of the updated tax relief, the due date for the filing of federal income tax returns and the making of federal income tax payments, normally due April 15, 2020, is automatically postponed until July 15, 2020. Taxpayers do not have to file an extension to benefit from the postponement and there is no limitation on the amount of the payment that may be postponed.
The relief includes the payment of tax on self-employment income, as well as federal estimated income tax payments due April 15.
Due to the postponement of federal income tax filings and payments, the period from April 15 through July 15 will be disregarded in the calculation of interest, penalties and additions to tax with respect to the postponement of the filing of federal income tax returns and the making of federal income tax payments.
Interest, penalties and additions to tax will begin to accrue on Thursday, July 16, 2020, with respect to any postponed federal income tax filings and payments.
Please contact Douglas Turner Coats with any questions or concerns.
Douglas Turner Coats
410-576-4002 • email@example.com
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