In repose to the Coronavirus epidemic, the US Treasury Department and the Internal Revenue Service (IRS) have announced special Federal income tax return filing and payment relief. Yesterday, the IRS published a list of 24 questions and answers regarding Notice 2020-18, which it issued on 20 March 2020. The Q&As reiterate the information in the Notice, but they do provide additional colour on the scope of the extension, and almost all of the new information is taxpayer friendly. In this overview sorted by category we summarise the key responses. Read the list carefully as some of the responses are not what practitioners had expected.
Click here to learn more.