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March 26, 2020 TO: ICI MembersICI Global Tax Committee
Management Company Tax Subcommittee
Tax Committee SUBJECTS: Fund Accounting & Financial Reporting
Tax RE: IRS Issues FAQs on Tax Filing Deadlines and FATCA Reports
The IRS issued Frequently Asked Questions following Notice 2018-20, which postponed the deadline for federal income tax returns for the 2019 taxable year that are due on April 15 to July 15, 2020.[1] The FAQs address some of the issues raised in ICI’s letter describing the need for urgent guidance on tax filing deadlines for RICs. Specifically:
- FAQ 4 clarifies that the tax filing deadline for a fiscal year filer with federal income tax returns for the year ending during 2019 that are due on April 15, 2020, whether that is the original due date or the due date on extension, is postponed to July 15, 2020.
- FAQ 5 clarifies that taxpayers who have filing or payment due dates other than April 15 (e.g., May 15 or June 15) have not been granted relief at this time.
- FAQ 10 specifies that the tax filing relief does not apply to the filing of information returns.
Separately, the IRS updated a prior list of FAQs on Foreign Account Tax Compliance Act (FATCA) requirements, extending from March 31 to July 15 the deadline for specified foreign financial institutions to file a FATCA Report (Form 8966).[2]
Katie Sunderland
Assistant General Counsel
endnotes
[1] See Institute Memorandum No. 32310, dated March 24, 2020.
[2] For more information, see FAQ 4 in the "Reporting" category on the FATCA – FAQs General page.