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May 14, 2021

IRS Extends More Tax Deadlines

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By

Chandler Rockwell

IRS Extends More Tax Deadlines

To help taxpayers, the Department of Treasury and the Internal Revenue Service announced on April 9, 2020 that Notice 2020-23 extends additional key tax deadlines for individuals and businesses.

As a result, the extensions generally now apply to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020. Individuals, trusts, estates, corporations and other non-corporate tax filers qualify for the extra time.

Taxpayers who are currently engaged in a 1031 exchange some relief from the 45-Day Identification and 180-Day Exchange Period deadlines.

The notice provides that any person performing a time-sensitive action listed in either § 301.7508A-1(c)(1)(iv) – (vi) of the Procedure and Administration Regulations or Revenue Procedure 2018-58, 2018-50 IRB 990 (December 10, 2018), which is due to be performed on or after April 1, 2020, and before July 15, 2020 (Specified Time-Sensitive Action), is an Affected Taxpayer.

Section C of the Notice states that “Affected Taxpayers also have until July 15, 2020, to perform all Specified Time Sensitive Actions, that are due to be performed on or after April 1, 2020, and before July 15, 2020.”

This appears to provide that any Affected Taxpayer with a 45-Day Exchange Period or 180-Day Exchange Period deadline between April 1 and July 15, 2020 will have an automatic extension to July 15, 2020.

This notice is not intended to serve as legal or tax advice. Please consult with your tax or legal advisor regarding your specific circumstances

Click here to View Notice 2020-23

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