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IRS issues postponed tax return FAQs; rules for Form 990-T clarified

IRS issues postponed tax return FAQs

The IRS posted a list of “frequently asked questions” (FAQs) about Notice 2020-18, which provided postponed deadlines for filing certain federal income tax returns and paying federal income taxes in response to the coronavirus (COVID-19) pandemic, but generally provided little relief for charities and other tax-exempt organizations.

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Read TaxNewsFlash on Notice 2020-18.

The FAQs make clear that information and excise tax returns—categories that presumably include Form 990, Form 990-PF, and Form 4720—and any return due on any date other than April 15, 2020 (including May 15, 2020, the due date for calendar year filers and extended due date for those with a fiscal year ending June 30) are not eligible for the relief. 

However, the FAQs clarify that the filing of a Form 990-T (an income tax return) due on April 15, 2020, may be postponed to July 15, 2020. The FAQs further note that this is the case regardless of whether that April 15 due date is the original due date or the due date on extension.  Payments of unrelated business income tax due on April 15, 2020, may also be postponed. 

Read more about the FAQs: TaxNewsFlash


For more information, contact a tax professional with KPMG’s Washington National Tax practice:

Ruth Madrigal | +1 202 533 8817 | ruthmadrigal@kpmg.com

Preston Quesenberry | +1 202 533 3985 | pquesenberry@kpmg.com

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