TIME SENSITIVE ACTS PART TWO

Time sensitive acts part two. This is a two part series on IRS and Treasury Notices 2020-17 and 2020-18. These are both time sensitive acts. For purposes of Notice 2020-23, the impacted taxpayer si someone with a federal tax payment obligation or a specified federal tax return or other form filing obligation. Section 3 A of Notice 2020-23 identifies the specified filing and payment obligations qualifying for relief. For an affected taxpayer, the due date for filing specified forms and making specified payments is automatically postponed to July 16, 2020. This means affected taxpayers do not have to call the IRS or file any extension forms or send letters or other documents to receive this relief. Affected taxpayers requiring additional time to file may choose to file the appropriate extension form by July 16, 2020, to obtain an extension to file their return, but the extension date may not go beyond the original statutory or regulatory extension date Time sensitive acts part two.

The relief covers the filing not just of specified forms, but also of all schedules, returns, and other forms that are filed as attachments to specified forms or are required to be filed by the due date of specified forms, including for example, Schdule H, Household Employment Taxes, and Schedule SE, Self Employment Tax, or form 1040 U.S. individual income tax return. This specified time sensitive actions identified in Section 3 A of Notice 2020-23 include any time sensitive action listed in Regs. Secs. 301.7508A-a(c)(1)(4) through (6) or Rev. Proc. 2018-58, as well as an investment in a qualified opportunity fund due to be made during the 180 day period described in Sec. 1400Z-2(a)(1)(A).

More than 270 time sensitive actions are identified in Rev. Procedure 2018-58. As evidenced by the guidance sections identified above, the time sensitive actions are far ranging. Section 14 covers both procedural and administrative issues.