The deferral applies to the tax returns and payments described below that are due on (or on extension to) a date on or after April 1, 2020, and before July 15, 2020. This new notice amplifies Notice 2020-18, 2020-15 I.R.B. 590 (4/6/2020), and Notice 2020-20, 2020-16 I.R.B. 660 (4/13/2020), which provided similar relief for some returns and payments due on April 15.
The returns and payments more likely to be relevant to estate and trust practitioners are as follows:
- Fiduciary income tax returns (Form 1041) and tax payments. Returns due on April 15 were already deferred, so this deferral applies to estates with a tax year ending on January 31 or February 29, whose returns would have been due on May 15 or June 15.
- Estimated tax payments for individuals, estates and trusts, and others. Estimated tax payments due on April 15 were already deferred, so this deferral applies to trusts that need to make a second quarter estimated tax payment, and allows those payments to be made on July 15 instead of June 15.
- Estate tax returns (Form 706) and tax payments, including late filed returns under Rev. Proc. 2017-34, 2017-26 I.R.B. 1282 (which allows late returns for portability elections).
- Gift tax (and generation-skipping tax) returns and payments that are due along with a federal estate tax return.
- Decedent basis reports on Form 8971.
- Estate tax payments of interest or principal due as a result of an election under sections 6166 (15 year deferral for closely held businesses), 6161, or 6163.
- Exempt organization returns and payments for unrelated business taxable income (Form 990-T), for private foundations (Form 990-PF), and foundation excise taxes (Form 4720).
There is similar relief for returns and payments by corporations and partnerships.
[4/13/2020 Update: Some of the “time-sensitive actions” covered by Notice 2020-23 are described in “IRS Defers Due Dates for Time-Sensitive Actions.”]