It can be difficult to keep track of everything going on with relief for small businesses from the IRS related to the current COVID-19 pandemic. At KMA it is our goal to help our clients break down this information. Most recently, the IRS release Notice 2020-23 which gives additional relief for those tax forms and other filings have been postponed to July 15 from the typical filing of April 15. For detailed information go to the IRS Coronavirus website https://www.irs.gov/coronavirus-tax-relief-and-economic-impact-payments.
One of the most important pieces of this notice for our clients to know is that payments and returns eligible for relief have been expanded. Any tax return or payment due on or after April 1, 2020 and before July 15, 2020 is now postponed to July 15, 2020 automatically, no extension forms, letters, phone calls or other forms of documentation are required to be eligible for this relief. If individuals or companies need additional time to file their returns they may choose to file the appropriate extension form by July 15, 2020, to obtain an extension to file their return, Important to know is that the extension date may not go beyond the original statutory or regulatory extension date which is October 15, 2020.
Additionally, the IRS has expanded the forms that have been postponed. You can find the full list of expanded forms through the IRS website.