On Wednesday, March 18th, the IRS issued Notice 2020-17, Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic. This provides individual and corporate taxpayers an extension of time for the payment of income tax amounts due at April 15, 2020. This is an automatic extension of time to pay for 90 days, until July 15, 2020.

It is important to note that Notice 2020-17 does not extend the filing deadline for individual and corporation tax returns otherwise due at April 15, 2020.

Our tax advisors have prepared a summary of the key points from Notice 2020-17, which may be downloaded here – IRS Notice 2020-17 Key Points Summary.

Additionally, we are keeping PKFTexas.com/COVID-19 up-to-date with information and resources to assist you as we all navigate these quickly-changing times.

If you have questions about how Notice 2020-17 applies to your tax situation, please connect with your PKF Texas tax team members.