The IRS has officially released relief information related to the payment of taxes due April 15, 2020.  Here is a brief summary of Notice 2020-17.

The Secretary of the Treasury has determined ANY person with a Federal income tax payment due April 15, 2020, is considered affected by the Coronavirus for purposes of this relief.

The due date for making Federal income tax payments due April 15, 2020, is postponed to July 15, 2020.  This relief is limited to up to $10,000,000 for each consolidated group of corporations or for each C corporation that does not join in filing a consolidated return.  This relief is limited to up to $1,000,000 for all other taxpayers.

This relief is available solely with respect to:

  1. Federal income tax payments (including SE tax) due on April 15, 2020, and
  2. Federal estimated income tax payments (including estimated SE tax).

No extension or postponement is provided in this notice for any payment or deposit of any other type of Federal tax, or FOR THE FILING OF ANY TAX RETURN or information return.

As a result of this postponement, the period from April 15, 2020, to July 15, 2020, will be disregarded in the calculation of any interest, penalties, and failure-to-pay penalty.  Interest, penalties, and failure-to-pay penalties will be imposed on any tax above the limits given above.

According to the Commonwealth of Massachusetts Department of Revenue website, the DOR is prepared to follow the IRS in offering similar relief for taxpayers with Massachusetts tax filing obligations. The situation is fluid and things are changing almost daily. Please reach out to the office for further clarification or check out our online updates relating to COVID-19.

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