IRS Q&A on the April 15 Filing and Payment Deferrals

On Friday, the IRS issued Notice 2020-18, expanding on and superseding last Wednesday’s Notice 2020-17. Both notices shared news of the deferral until July 15 of many tax returns and payments of income tax that otherwise would have been due by April 15, 2020.

Notice 2020-18 raised as many questions as it answered, so today the IRS posted a Q&A section on its website to clarify a number of things related to these deferrals. It addresses, among other things, fiscal year filers, estimated income taxes, non-income types of taxes and filings, and IRA contributions. Links to both sources are provided here:

For more information, please contact your BNN tax advisor at 800.244.7444.

Disclaimer of Liability: This publication is intended to provide general information to our clients and friends. It does not constitute accounting, tax, investment, or legal advice; nor is it intended to convey a thorough treatment of the subject matter.

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