The IRS superseded Notice 2020-17. Read about the expanded relief provided in Notice 2020-18.
On March 18, the IRS issued Notice 2020-17, which provides tax payment relief for certain taxpayers affected by the COVID-19 national emergency declared by the president. Specifically, individuals can defer until July 15, 2020, income tax payments of up to $1 million that are due April 15, 2020, interest- and penalty-free. Corporations can defer until July 15, 2020, income tax payments of up to $10 million that are due April 15, 2020, interest- and penalty-free. Taxpayers still must timely file their returns by April 15, unless they timely request an extension of time to file their returns.
- For individuals, income tax payments (including tax payments on self-employment income) for 2019 and estimated tax payments for 2020 that are due on April 15, 2020, count toward the $1 million deferral amount. For married individuals filing a joint return, only the $1 million deferral amount applies. The deferral amount is not doubled for married individuals.
- For corporations, income tax for 2019 and estimated tax for 2020 that are due on April 15, 2020, count toward the $10 million deferral amount. In the case of a consolidated group of corporations, only one $10 million deferral amount applies.
