As we previously communicated on Friday, the Treasury and IRS announced a nationwide extended due date of July 15, 2020 for filing of all income tax returns as well as payment of income tax normally due on April 15. Over this weekend, the IRS formalized this announcement and published IRS Notice 2020-18. The notice also officially lifts the previously established threshold of less than $1 million in tax payments that are able to be deferred until July 15, 2020. Therefore, individual and business income tax returns as well as all income tax payments (including the April 15, 2020 estimated tax payments) will NOT be due until July 15, 2020. Click here to read the entire notice.
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