July 15, 2020 is now the federal and New York State deadline for both payment and filing of returns for federal and New York income taxes.
Under IR-2020-58 and Notice 2020-18 (superseding Notice 2020-17) issued by the IRS on March 21, 2020, the federal extensions for both filing returns and paying taxes are automatic for all individual, trusts and estates, and business entities. This revised relief also eliminates the monetary caps on tax payment extensions that were set out in last week’s Notice 2020-17.
The most recent notice also defers April 15, 2020 estimated income tax payments to July 15, 2020 and contributions to IRAs for the 2019 tax year may also be made until July 15, 2020.
Governor Cuomo and the New York State Assembly have publicly announced that New York will adopt similar relief measures. However, published guidance from the New York State Department of Taxation and Finance is not yet available.
Given the expanding governmental responses to COVID-19, there will likely be more tax relief measures to come.
As always, taxpayers expecting to receive refunds are well advised to file as soon as possible – this tax season, more than ever.
Here are links to the new notices and a helpful IRS FAQ that addresses related matters.
Please visit our Trusts & Estates or Tax Practice Areas to learn more about the legal services we can provide in these areas. If you have any questions or would like more information on the issues discussed in this communication, please contact any member of the Trusts & Estates or Tax Practice Areas.