IRS Extends Tax Payment Deadline to July 15, 2020

[32300]

March 18, 2020 TO: ICI Members
Accounting/Treasurers Committee
Management Company Tax Subcommittee
Tax Committee SUBJECTS: Fund Accounting & Financial Reporting
Tax RE: IRS Extends Tax Payment Deadline to July 15, 2020

 

The IRS issued Notice 2020-17 extending the deadline for making tax payments (up to $10,000,000 for each consolidated group or each C-corporation that does not join in filing a consolidated return) from April 15, 2020 to July 15, 2020. The Notice does not provide for an extension for the filing of any tax return or information return, including extensions that are due on April 15th.

Payments or deposits of any type of federal tax other than income tax (e.g., withholding tax) are still due on or before April 15th.  Interest, penalties and additions to tax with respect to such postponed federal income tax payments will begin to accrue on July 16, 2020.

 

Katie Sunderland
Assistant General Counsel