Client Alert

AUTHORS

Photo of Alfred F. DeLeo

Alfred F. DeLeo
310.284.2285

Photo of Erik C. Loomis

Erik C. Loomis
310.284.2181

Photo of Laura L. Cable

Laura L. Cable
310.284.2264

Tax Planning

The U.S. Treasury Postpones the Federal April 15, 2020, Tax Filing and Tax Payment Deadlines

On March 20, 2020, the U.S. Treasury Department through Notice 2020-18 postponed the April 15, 2020, general Federal income tax return filing deadline to July 15, 2020, and also postponed to July 15, 2020, all Federal income tax payments (including estimated tax payments for 2020) otherwise due on April 15, 2020.

This relief applies to individuals, trusts, estates, partnerships, associations, companies and corporations with Federal income tax payments or Federal income tax returns that are due on April 15, 2020.  Taxpayers do not have to file the usual I.R.S. Forms (4868 or 7004) in order to receive filing extensions.  The Notice provides that there is no limitation on the amount of the Federal income tax payments that can be postponed until July 15, 2020. 

This Notice supersedes the Treasury Department’s March 17, 2020, announcement, which provided for an extension for Federal income tax payments but still required taxpayers to file their Federal returns by April 15, 2020 or obtain an extension.  Further, the Notice removes the previous limitation on the amount of Federal income tax payments that could be deferred by individuals ($1 million) and corporations ($10 million). 

We will keep you updated as information becomes available regarding this deferral program.  In the meantime, please do not hesitate to reach out if you have specific questions or concerns.

Cox Castle has created a Task Force to monitor, analyze and advise about these difficult issues and other questions that arise as a result of the COVID-19 pandemic.  If you have any questions about these matters or responding to the COVID-19 pandemic more generally, please reach out to any Cox Castle professional or member of the Task Force.

ORANGE COUNTY
3121 Michelson Drive, Suite 200
Irvine, CA 92612

949.260.4600    949.260.4699

SAN FRANCISCO
50 California Street, Suite 3200
San Francisco, CA 94111

415.262.5100    415.262.5199