Special Payment Relief in Response to the COVID-19 Outbreak

Notice 2020-17; Payment relief on account of Coronavirus Disease 2019 (COVID-19) emergency. The Treasury Department and IRS are extending the due date for Federal income tax payments due April 15, 2020, to July 15, 2020, for payments due of up to $10 million for corporations and up to $1 million for individuals - regardless of filing status – and other unincorporated entities. Associated interest, additions to tax, and penalties for late payment will also be suspended until July 15, 2020.

The Treasury Department and the Internal Revenue Service are providing special payment relief to individuals and businesses in response to the COVID-19 Outbreak.

Resources

·  Treasury News Release:  Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak

·   Statement:  Payment Deadline Extended to July 15, 2020

·   Notice 2020-17 (PDF), Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic

Notice 2020-17 will be in IRB 2020-15, dated April 6, 2020.

The IRS established a special webpage on IRS.gov/coronavirus to include all of the available tax-related information. This page will be updated as more information is available.

Treasury News Release:  Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak