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On April 10 the IRS issued Notice 2020-23, which postpones income tax payment and filing obligations falling between April 1 and July 14 until July 15, 2020. It is ICSC’s interpretation that the notice includes the 45-day and 180-day requirements for like-kind exchanges.
ICSC had requested a 120-day extension of these deadlines starting on the date of the President’s Disaster Declaration, which was March 13.
On April 8 the IRS issued guidance making it easier for partnerships to file amended tax returns in order to utilize the tax relief provided in the CARES Act.
Partnership rules passed in the 2015 Bipartisan Budget Act generally prohibit partnerships from amending their tax information after its due date, without the submission of an Administrative Adjustment Request. Under the guidance, partnerships may file amended returns for 2018 or 2019 before September 30, 2020. The amended returns may take into account tax changes brought about by the CARES Act as well as any other tax attributes to which the partnership is entitled by law. Partnerships filing these amended returns should write “FILED PURSUANT TO REV PROC 2020-23” at the top of the amended return.
In Notice 2020-26, the IRS grants a six-month extension of time to file Form 1045 or Form 1139, as applicable, with respect to the carryback of a net operating loss that arose in any taxable year that began during calendar year 2018 and that ended on or before June 30, 2019. Individuals, trusts, and estates would file Form 1045, and corporations would file Form 1139.