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In continued response to the COVID-19 pandemic, on March 20, 2020, the IRS released Notice 2020-18 (the “Notice”), which postpones both the Federal filing and payment deadlines from April 15, 2020, to July 15, 2020. The Notice applies to any person (i.e., individual, trust, estate, partnership, association, company, or corporation) that has a Federal income tax payment or a Federal income tax return due April 15, 2020, defined in the Notice as an Affected Taxpayer. The Notice is welcoming to both taxpayers and tax practitioners. For an Affected Taxpayer, the provisions of the Notice are as follows:
The Notice does not provide for postponement beyond April 15, 2020, for the payment or deposit of any other type of Federal tax or for the filing of any Federal information return. The Notice does not provide guidance on whether the following items are postponed from April 15, 2020, to July 15, 2020:
California has postponed both the filing and payment deadline to July 15, 2020, for all California taxpayers. The relief is provided for the following California tax returns and payments:
If you are expecting a refund, we recommend that you file your Federal and California income tax returns as soon as possible.
We will continue to monitor and report on guidance issued by the Treasury and the State of California. As always, please contact your HCVT tax professional with any questions you may have.