Trusts & Estates and Tax Law Alert: Updates on COVID-19 Tax Payment Relief

The IRS has updated details regarding the March 18, 2020 News Release and IRS Notice 2020-17 in regard to the COVID-19 tax payment relief. This information makes it clear that the 90 day extension to July 15, 2020 applies to all individual tax filers as well as to fiduciaries of trusts and estates. This general extension rule also applies to self-employed individuals and business entities other than C-Corporations. For C-Corporations, extensions for tax payments up to $10,000,000 are automatically available. Importantly, tax returns or return extension requests must still be timely filed by April 15, 2020. Payment Deadline Extended to July 15, 2020

As for New York State, tax relief remains under consideration.

Hancock Estabrook will continue to monitor developments and provide updates.

This communication is for informational purposes and is not intended as legal advice.