Update: On March 24, IRS issued a Q & A addressing many questions unanswered by the Notice.
On March 20, 2020, the IRS issued Notice 2020-18, restating, expanding, and superseding the relief provided Wednesday in Notice 2020-17. The notice automatically postpones to July 15, 2020, the filing of any federal income tax returns and any income tax payments due April 15, 2020.
This relief applies to any “person” with a federal income tax payment or a Federal income tax return due April 15, 2020. The definition of “person” includes individuals, trusts, estates, partnerships, associations, companies, and corporations.
Persons granted relief under the notice do not have to file Forms 4868 or 7004 to extend their filing or payment deadline to July 15, 2020.There is no limit on the amount of the payment that may be postponed.
The relief provided is available solely for:
- Federal income tax payments (including payments of tax on self-employment income) due on April 15, 2020, pertaining to the taxpayer's 2019 taxable year
- Federal income tax returns due on April 15, 2020, pertaining to the filer's 2019 taxable year, and
- Federal estimated income tax payments (including payments of tax on self-employment income) due on April 15, 2020, for the taxpayer's 2020 taxable year
The notice does not provide an extension for the the payment or deposit of any other type of federal tax, or for the filing of any federal information return.
As a result of the postponement, the period beginning on April 15, 2020, and ending on July 15, 2020, will be disregarded in the calculation of any interest, penalty, or addition to tax for failure to file federal income tax returns or failure to pay the federal income taxes postponed by the notice. Associated interest and penalties will begin to accrue on July 16, 2020.
Because this Notice characterizes the delay as a "postponement" and not an "extension," it delays the deadline for making contributions to IRAs and HSAs. The IRS Q & A confirmed this delay.