4.10.20 Federal Tax Updates

IRS extends more tax deadlines to cover individuals, trusts, estates, corporations

In a Notice, the IRS has extended more tax deadlines to cover individuals, estates, corporations and others. This extension includes a variety of tax form filings and payment obligations that are due between April 1, 2020 and July 15, 2020, including estimated tax payments due June 15 and the deadline to claim refunds from 2016. The Notice also suspends associated interest, additions to tax, and penalties for late filing or late payment until July 15, 2020. (IR 2020-66, 4/9/2020; Notice 2020-23, 2020-18 IRB)

IRS to send letters to economic impact payment recipients

On its website, the IRS has said that it will send letters to economic impact payment recipients about the payment within 15 days after the payments are made.

IRS’s SB/SE division suspends some collection activities through July 15

The IRS’s Small Business/Self-Employed (SB/SE) Division has announced, in a memo, that it is suspending some collection activities from March 30 through July 15. Detailed information HERE

IRS answers questions on installment agreement direct debit payments

Following its March 25 announcement of the COVID-19-related suspension of payments due between April 1 and July 15, 2020 by taxpayers who have an agreement with IRS to pay taxes in installments, IRS has answered questions about situations in which those taxpayers have Direct Debit Installment Agreements. Detailed information HERE

 

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