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On March 21, the U.S. Treasury Department issued Notice 2020-18 providing expanded relief to taxpayers who are affected by the ongoing coronavirus pandemic.

The notice automatically extends the due date for the filing of, as well as making payments on, federal income tax returns until July 15. The notice provides relief for individuals, trusts, estates, partnerships, associations, and corporations. No extension needs to be filed in order to get this relief. In addition, there are no longer any dollar limitations related to any deferred tax payments.

While the notice only applies to federal income tax returns and federal income tax payments, Rubino & Company anticipates that states will align with the federal guidance.

Rubino & Company will continue to monitor any new developments at the federal and state levels and we are committed to keeping you informed of any changes that impact either you or your business.