ComplianceTax & AccountingMay 27, 2020

IRS tax return and payment relief does not extend to information returns

Additional Authors: John Kareken, JD is a senior tax and regulatory manager with Wolters Kluwer. Anna Vayser, CPA is a product manager with Wolters Kluwer.

Learn about the latest IRS published Notice, relating to changes to Federal income tax return filing.

On Friday March 20th 2020, the IRS published Notice 2020-18 (the Notice). The Notice provides limited tax relief for persons subject to U.S. taxation, that “the due date for filing Federal income tax returns and making Federal income tax payments due April 15, 2020, is automatically postponed to July 15, 2020” and that is not necessary for such taxpayers to file for an extension on Forms 4868 or 7004. The Notice further provides that such relief is “available solely with respect to Federal income tax payments (including payments of tax on self-employment income) and Federal income tax returns due on April 15, 2020 [for the taxpayer’s 2019 tax year, as well as estimated tax payments relating to the 2020 tax year].” Importantly, the Notice explicitly provides that “[n]o extension is provided in this notice for the payment or deposit of any other type of Federal tax, or for the filing of any Federal information return.”

Accordingly, the Notice does not relieve taxpayers from filing information returns including via the IRS FIRE system.

This commentary does not address any additional issues or concerns beyond the notice’s application to information reporting deadlines.

The notice is available at www.irs.gov/pub/irs-drop/n-20-18.pdf.

Stevie Conlon
Vice President, Tax & Regulatory Counsel: Investment Compliance; U.S. Advisory Services

Stevie D. Conlon, vice president, tax and regulatory counsel for Wolters Kluwer leads the firm’s U.S. Advisory Services group and Investment Compliance Solutions.