IRS Issues FAQs To Clarify COVID-19 Guidance

Yesterday, the IRS released a list of frequently asked questions regarding the guidance issued last week postponing the tax return filing and payment deadline until July 15, 2020. The IRS intends to update these questions and answers periodically.

Specific highlights from the FAQ include:

• Only returns or payments due on April 15, 2020 have been postponed – the relief does not apply to federal income tax returns or payments due on any other date. For example, the due date for taxpayers whose Form 990-T is due on May 15, 2020 has not been postponed.

• Second quarter 2020 estimated income tax payments are still due on June 15, 2020. Only first quarter 2020 estimated income tax payments have been postponed from April 15 to July 15, 2020.