3-21-20 Client Alert - Coronavirus Tax Relief UPDATE - Tax Payment Caps Removed
WOODS OVIATT GILMAN LLP CORONAVIRUS (COVID-19) CLIENT ALERT
Coronavirus Tax Relief UPDATE - Tax Payment Caps Removed
In an early tweet on March 20th, Secretary of the Treasury Steven Mnuchin had announced that the Treasury and the IRS decided to postpone the April 15 deadline for filing Federal income tax returns and making Federal income tax payments to July 15, 2020. Later in the day, the IRS formally issued Notice 2020-18 which restated and expanded upon the prior relief provided in Notice 2020-17. Prior Notice 2020-17 had postponed the deadline solely for April 15 Federal income tax payments and contained caps on the amount of tax payments that could be postponed.
New Notice 2020-18 automatically extends the due date for filing Federal income tax returns and making Federal income tax payments from April 15 to July 15. In addition, it removes the cap on the amount of tax payments that can be postponed. The earlier notice set a $1 million cap on individual income tax payments that could be postponed and a $10 million cap on tax payments for corporate taxpayers.
For more information regarding Coronovirus (COVID-19) or to access all of our client alerts go to:
https://www.woodsoviattgilman.com/practices/covid-19-multidisciplinary-crisis-group
Please contact your Woods Oviatt attorney or the following attorneys regarding COVID-19 related issues:
COVID-19 Multidisciplinary Crisis Group Co-Leaders
Gordon E. Forth, Esq.
Phone: 585-987-2801
Cell: 585-330-2862
Email: Gforth@woodsoviatt.com
Chris R. Rodi, Esq.
Phone: 585-987-2820
Cell: 585- 472-6474
Email: Crodi@woodsoviatt.com
Government Business Regulations
John F. Liebschutz, Esq.
Phone: 585-987-2869
Cell: 585-943-2181
Email: Jliebschutz@woodsoviatt.com
Employment and Labor
Gordon S. Dickens, Esq.
Phone: 585-987-2851
Cell: 585-766-1642
Email: GDickens@woodsoviatt.com
Lorisa D. LaRocca, Esq.
Phone: 585-987-2834
Cell: 585-506-5394
Email: LLarocca@woodsoviatt.com
Insurance
Donald (Dan) O’Brien, Esq.
Phone: 585-987-2810
Cell: 585-734-9647
Email: Dobrien@woodsoviatt.com
Gregory G. Broikos, Esq.
Phone: 585-987-2805
Cell: 585-208-7060
Email: Gbroikos@woodsoviatt.com
Commercial Contracts
Christopher R. Rodi, Esq.
Phone: 585-987-2820
Cell: 585- 472-6474
Email: Crodi@woodsoviatt.com
Katarina B. Polozie, Esq.
Phone: 585-987-2910
Cell: 202-262-4368
Email: kpolozie@woodsoviatt.com
Liquidity - Capital Calls
Christian J. Henrich, Esq.
Phone: 716-248-3211
Cell: 716-213-7005
Email: chenrich@woodsoviatt.com
Liquidity - Credit Facilities
W. Stephen Tierney, Esq.
Phone: 585-987-2839
Cell: 585-329-1020
Email: stierney@woodsoviatt.com
William F. Savino, Esq.
Phone: 716-248-3210
Cell: 716-982-2557
Email: wsavino@woodsoviatt.com
Litigation and Disputes
Warren B. Rosenbaum, Esq.
Phone: 585-987-2813
Cell: 585-613-6848
Email: wrosenbaum@woodsoviatt.com
Brian D. Gwitt, Esq.
Phone: 716-248-3213
Email: Bgwitt@woodsoviatt.com
Brian J. Capitummino, Esq.
Phone: 585-987-2863
Cell: 585-233-1847
Email: bcapitummino@woodsoviatt.com
Real Estate
Kristopher J. Vurraro, Esq.
Phone: 585-987-2838
Cell: 585-415-3147
Email: Kvurraro@woodsoviatt.com
Benjamin M. Keller, Esq.
Phone: 585-987-2804
Cell: 716-238-4878
Email: Bkeller@woodsoviatt.com
Tax
Thomas M. DiPiazza, Jr., Esq.
Phone: 585-987-2861
Cell: 585-615-5690
Email: TDipiazza@woodsoviatt.com
Danielle B. Ridgely, Esq.
Phone: 585-987-2914
Cell: 585-698-8092
Email: Dridgely@woodsoviatt.com
Family Wealth and Estate Planning
Philip L. Burke, Esq.
Phone: 585-987-2850
Cell: 585-748-6198
Email: Pburke@woodsoviatt.com
David P. Shaffer, Esq.
Phone: 585-987-2878
Cell: 585-472-6696
Email: dshaffer@woodsoviatt.com
