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IRS Notice 3-18-2020

Many of you have asked us about the relief that is coming. Attached is an IRS release from yesterday, titled “IRS notice – 3-18-2020.” The main points are:

  • A tax return or extension is still due and must be filed by 4/15/2020
  • A taxpayer can delay payment of up to $1,000,000 of IRS income tax for 2019 tax year and for their 1st 2020 estimated tax payment; This tax is now not due until 7/15/2020 and there will be no penalties or interest on up to $1,000,000 of deferred tax payments due 4/15/2020 and not paid until 7/15/2020
  • It is important to note, this does not apply to State income tax due or employment taxes

Congress also passed an extensive relief bill (late yesterday afternoon) which we expect the President to sign off on today or tomorrow. As soon as we have detailed information on this relief bill we will send out further information.

IRS notice - 3-18-2020

If you have any questions, feel free to call us at 352-369-1120.

- Russell C. Lindsay, CPA | Partner

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