The IRS announced in Notice 2020-18 and Notice 2020-20 that, due to the Emergency Declaration issued by the President, Treasury is providing tax relief in the form of extending the due date for income tax, gift tax, and GST tax payments (including estimated payments of income taxes and self-employment taxes) due on April 15 until July 15, interest and penalty free. The notices also extend the filing deadline for all income tax, gift tax, and GST tax returns due on April 15 until July 15. These extensions apply to all individuals, corporations, partnerships, trusts and estates. There is no limit on the amount of tax payments that may be deferred.
For information on how these extensions affect certain information returns, see our advisory "Traps for the Unwary: COVID-19 Tax Relief Fails to Extend Certain Foreign Information Return Filing Deadlines."
For more Day Pitney alerts and articles related to the impact of COVID-19, as well as information from other reliable sources, please visit our COVID-19 Resource Center.
COVID-19 DISCLAIMER: As you are aware, as a result of the COVID-19 pandemic, things are changing quickly and the effect, enforceability and interpretation of laws may be affected by future events. The material set forth in this document is not an unequivocal statement of law, but instead represents our best interpretation of where things stand as of the date of first publication. We have not attempted to address the potential impacts of all local, state and federal orders that may have been issued in response to the COVID-19 pandemic.
Christopher Voukides is a speaker at the Trusts & Estates End of Year Review 2021 sponsored by the Boston Bar Association on June 21.
Scott Clark, Chair of Day Pitney’s Multistate Tax Practice, is presenting on a virtual panel at the Anchin Executive Forum titled, “The Changing Shape of Business in New York” on June 9.
Andrew M. Nerney and Stephanie Eassa Rapp co-authored the article, "Till Death (And Qualified Trusts) Do Us Part," published by WealthManagement.com.
Justin M. Hannan authored the article, "IRS Issues Final Carried Interest Regulations," on the Boston Bar Association's Trusts and Estates Blog.
Daniela P. Catrocho and Richard D. Sanders authored the article, "Retroactive Tax Legislation and Gift Planning in 2021," which was published in the New Jersey Law Journal.
Of Counsel Michael Pfeifer served on the panel, "Integrated Asset Protection," a webinar hosted by Respada on July 29.
Day Pitney Press Release
Day Pitney Press Release
Andrew M. Nerney and Stephanie Eassa Rapp co-authored the article, “With Great Powers (of Appointment) Come Great Responsibility,” published by WealthManagement.com.
Scott Brian Clark’s arrival to the firm was featured in Reuters’ column, Career Tracker: Lawyers on the Move.