IRS grants additional tax filing and payment relief

On April 9, 2020, the IRS expanded the coronavirus-related tax relief. The new relief applies to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020, and includes individuals, trusts, estates, corporations, and other noncorporate filers.

The relief is automatic, so taxpayers do not have to file extensions or send documents to the IRS.

Estimated Taxes: In addition to the April 15 deadline, the June 15 deadline has now also been postponed to July 15.

Unclaimed 2016 Refunds: The deadline for filing a 2016 tax return to claim a refund, normally April 15, is extended to July 15. The return must be postmarked by July 15.

Installment payments under Sec. 965(h): Installment payments of the Sec. 965 transition tax due on or after April 1, 2020, and before July 15, 2020, are postponed to July 15, 2020.

American citizens living abroad: Americans who live and work abroad can now wait until July 15, 2020, to file their 2019 federal income tax return and pay any tax due.

The period from April 1, 2020, through July 14, 2020, will be disregarded by the IRS in calculating any interest, penalty, or addition to tax for failure to file these forms:

  • Individual income tax payments and return filings on Form 1040, S. Individual Income Tax Return, and other forms in the 1040 series;
  • Calendar year or fiscal year corporate income tax payments and return filings on Form 1120, S. Corporation Income Tax Return, and other forms in the 1120 series;
  • Calendar year or fiscal year partnership return filings on Form 1065, S. Return of Partnership Income, and Form 1066, U.S. Real Estate Mortgage Investment Conduit (REMIC) Income Tax Return;
  • Estate and trust income tax payments and return filings on Form 1041, U.S. Income Tax Return for Estates and Trusts, and other forms in the 1041 series;
  • Estate and generation-skipping transfer tax payments and return filings on Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, and other forms in the 706 series;
  • Form 8971, Information Regarding Beneficiaries Acquiring Property from a Decedent, and any supplemental Form 8971;
  • Gift and generation-skipping transfer tax payments and return filings on Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, that are due on the date an estate is required to file Form 706 or Form 706-NA;
  • Estate tax payments of principal or interest due as a result of an election made under Secs. 6166, 6161, or 6163 and annual recertification requirements under Sec. 6166;
  • Exempt organization business income tax and other payments and return filings on Form 990-T, Exempt Organization Business Income Tax Return (and Proxy Tax Under Section 6033(e)); and
  • Excise tax payments on investment income and return filings on Form 990-PF, Return of Private Foundation or Section 4947(a)(1) Trust Treated as Private Foundation, and excise tax payments and return filings on Form 4720, Return of Certain Excise Taxes under Chapters 41 and 42 of the Internal Revenue Code.