To help clarify questions related to the filing and payment deadline extension announced in Notice 2020-18, the IRS released “Filing and Payment Deadlines Questions and Answers”.
Highlights clarified in the Questions and Answers:
• Only income tax returns and estimated income tax payments due on April 15th are automatically extended to July 15th.
• The deadline for making IRA contributions, HSA and MSA contributions is automatically extended to July 15th.
• Payroll, excise, estate and gift, and informational returns payments due for any other taxes are not extended.
• Amended 2016 tax returns claiming a refund is not extended and must be filed by April 15th.
• Penalties for failure to make required installments of estimated tax is not extended.
Click on the link above for full details.
We will continue to monitor this topic and post updates as additional information is received.