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The IRS released Notice 2020-23 on Thursday, April 9, to extend more tax deadlines for individuals and businesses and clarified federal extensions for some returns may be filed on or before July 15.
The relief covers taxpayers who have a filing or payment deadline between April 1 and July 15, 2020. It applies to fiscal year entities, estate tax returns, nonprofit organizations, information returns and more. You can read the IRS’s news release summary here.
In addition: The deadline for second quarter estimated tax payments has been moved from June 15 to July 15, and the relief is automatic. Taxpayers do not need to file extension forms to get the relief.
SCACPA is requesting guidance from the SCDOR as to whether there will be deadline changes for state estimates and other returns as well.
The Association appreciates Thursday’s relief announcement, and we urge Treasury and the IRS to continue developing contingency plans for the next phase of relief should that be needed.