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Coronavirus News Alert: IRS Provides Further Guidance on Delayed Tax Payments.

Coronavirus News Alert: IRS Provides Further Guidance on Delayed Tax Payments.

April 3, 2020

Following the announcement by Treasury Secretary Mnuchin on Monday, March 16, 2020 that tax payments otherwise due on April 15, 2020 can be deferred for 90 days, the IRS issued Notice 2020-17(the “Notice”) today providing further guidance.

The Notice stated that for taxpayers affected by the Coronavirus, the due date for making federal income tax payments due April 15, 2020 in an applicable amount up to $10 million for corporations as part of a consolidated group, and up to $1 million for individuals (regardless of whether individual or joint filers) is postponed to July 15, 2020. The relief is solely with respect to federal income tax payments due on April 15, 2020, which includes any payments attributable to 2019 and estimated income tax payments for 2020, including payments of tax on self-employment income. The Notice provided that there is no extension for the filing of any tax return or for any other type of federal tax. The Notice is linked here.

The author, publisher, and distributor of this CCM Alert is not rendering legal or other professional advice or opinions on specific facts or matters. Under applicable rules of professional conduct, this communication may constitute Attorney Advertising.

© 2020 Clingen Callow & McLean, LLC. All rights reserved.

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Kenneth W. Clingen
Member
Clingen Callow & McLean, LLC
Lisle Office
2300 Cabot Drive, Suite 500
Lisle, Illinois, 60532
Phone 630.871.2600
Geneva Office
21 North 4th Street
Geneva, Illinois, 60134
Phone 630.938.4769
Fax 630.871.9869
General Inquires [email protected]
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