The IRS issued Notice 2020-18, which supersedes and expands on the tax relief originally announced in Notice 2020-17.
The most significant change in 2020-18 is that taxpayers may defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest regardless of the amount owed.
The original payment caps (up to $1 million for individuals and non-corporate filers, and up to $10 million for corporate filers) have been eliminated. The notice also clarifies that this extension applies to estimated tax payments due April 15, 2020.
The deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers, as well as those who pay self-employment tax. Taxpayers do not need to file any additional forms or call the IRS to qualify for this automatic federal tax filing and payment relief.