{"id":7709,"date":"2020-04-10T10:19:29","date_gmt":"2020-04-10T14:19:29","guid":{"rendered":"http:\/\/resources.evans-legal.com\/?p=7709"},"modified":"2020-07-05T16:55:03","modified_gmt":"2020-07-05T20:55:03","slug":"irs-defers-more-tax-returns-and-payments","status":"publish","type":"post","link":"https:\/\/resources.evans-legal.com\/?p=7709","title":{"rendered":"IRS Defers More Tax Returns and Payments"},"content":{"rendered":"\n

Notice 2020-23<\/a>, 2020-18<\/a> I.R.B. 748 (4\/27\/2020), defers the due dates for more federal tax returns and tax payments until July 15, as well as certain \u201ctime-sensitive actions.\u201d<\/p>\n\n\n\n

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<\/a>, 2020-15 I.R.B.<\/a> 590 (4\/6\/2020), and Notice 2020-20<\/a>, 2020-16 I.R.B.<\/a> 660 (4\/13\/2020), which provided similar relief for some returns and payments due on April 15.<\/p>\n\n\n\n

The returns and payments more likely to be relevant to estate and trust practitioners are as follows:<\/p>\n\n\n\n

  1. 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.<\/li>
  2. 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. <\/li>
  3. Estate tax returns (Form 706) and tax payments, including late filed returns under Rev. Proc. 2017-34<\/a>, 2017-26 I.R.B.<\/a> 1282 (which allows late returns for portability elections).<\/li>
  4. Gift tax (and generation-skipping tax) returns and payments that are due along with a federal estate tax return.<\/li>
  5. Decedent basis reports on Form 8971.<\/li>
  6. 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.<\/li>
  7. 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).<\/li><\/ol>\n\n\n\n

    There is similar relief for returns and payments by corporations and partnerships.<\/p>\n\n\n\n

    [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<\/a>.”]<\/p>\n","protected":false},"excerpt":{"rendered":"

    Notice 2020-23, 2020-18 I.R.B. 748 (4\/27\/2020), defers the due dates for more federal tax returns and tax payments until July 15, as well as certain \u201ctime-sensitive actions.\u201d The deferral applies to the tax returns and payments described below that are … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":"","footnotes":""},"categories":[29],"tags":[327,481,333,359,735],"class_list":["post-7709","post","type-post","status-publish","format-standard","hentry","category-news-items","tag-federal-estate-tax","tag-federal-generation-skipping-tax","tag-federal-gift-tax","tag-federal-income-tax","tag-private-foundations","pmpro-has-access"],"_links":{"self":[{"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/posts\/7709","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7709"}],"version-history":[{"count":5,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/posts\/7709\/revisions"}],"predecessor-version":[{"id":8026,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=\/wp\/v2\/posts\/7709\/revisions\/8026"}],"wp:attachment":[{"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7709"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7709"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/resources.evans-legal.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7709"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}