The IRS Notice 2020-17 (the “Notice”), issued in connection with the President Trump’s Emergency Declaration relating to the coronavirus 2019, provides relief for certain taxpayers to make payments of federal income tax.  This relief from income tax payment deadlines is being provided to “affected taxpayers,” defined in the Notice as individuals and corporations with federal income tax payment due April 15, 2020.

Under this relief, individual taxpayers with federal income tax payment due April 15, 2020 may postpone the payment to July 15, 2020.  The applicable postponed payment amount is up to $1 million regardless of filing status.

Corporate taxpayers with federal income tax payment due April 15, 2020 may postpone the payment to July 15, 2020.  The applicable postponed payment amount is up to $10 million for each consolidated group or for each C corporation that in not filing a consolidated return.

Note that no extension is provided for the payment or deposit of any other type of Federal tax, or for the filing of any tax return or information return.

Please see additional detail in the Notice.  https://www.irs.gov/pub/irs-drop/n-20-17.pdf