Compliance Briefing — March 20, 2020
The IRS issued Notice 2020-18 extending the federal income tax filing and payment deadline to July 15, 2020 without penalties or interest, requiring finance teams to adjust compliance calendars and cash-flow planning.
Executive briefing: On , the Internal Revenue Service released Notice 2020-18, postponing the April 15, 2020 federal income tax filing and payment deadline for individuals and businesses to July 15, 2020 without penalties or interest. The extension applies automatically and aligns with emergency measures tied to the COVID-19 pandemic.
Why it matters: The delay affects compliance calendars, estimated payments, and financial reporting for U.S. entities. Controllers must update cash forecasts and ensure state-level obligations are separately tracked where extensions differ.
- Calendar updates: Adjust compliance timelines for Form 1040 and applicable business returns; verify whether state and local tax authorities have matching extensions.
- Cash management: Update treasury forecasts to reflect deferred payments and interest accrual relief; document any use of relief provisions for audit readiness.
- Communications: Notify leadership and external auditors of revised deadlines and ensure employee communications avoid unnecessary filings before systems are updated.
- Monitor guidance: Track subsequent IRS FAQs and additional notices that may modify relief scope or interact with CARES Act provisions.
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