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IRS Extends More Tax Deadlines

To help taxpayers, the Department of Treasury and the Internal Revenue Service announced on April 9, 2020 that Notice 2020-23 extends additional key tax deadlines for individuals and businesses.

As a result, the extensions generally now apply to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020. Individuals, trusts, estates, corporations and other non-corporate tax filers qualify for the extra time.

Taxpayers who are currently engaged in a 1031 exchange some relief from the 45-Day Identification and 180-Day Exchange Period deadlines.

The notice provides that any person performing a time-sensitive action listed in either § 301.7508A-1(c)(1)(iv) – (vi) of the Procedure and Administration Regulations or Revenue Procedure 2018-58, 2018-50 IRB 990 (December 10, 2018), which is due to be performed on or after April 1, 2020, and before July 15, 2020 (Specified Time-Sensitive Action), is an Affected Taxpayer.

Section C of the Notice states that “Affected Taxpayers also have until July 15, 2020, to perform all Specified Time Sensitive Actions, that are due to be performed on or after April 1, 2020, and before July 15, 2020.”

This appears to provide that any Affected Taxpayer with a 45-Day Exchange Period or 180-Day Exchange Period deadline between April 1 and July 15, 2020 will have an automatic extension to July 15, 2020.

This notice is not intended to serve as legal or tax advice. Please consult with your tax or legal advisor regarding your specific circumstances

Click here to View Notice 2020-23

Testimonials

Team Azzi you're an amazing team... Thank you for staying on top of everything and keeping the process smooth and professional.

Union Bank

Jordan and Tony were my agents for a 1031 exchange… (Jordan) went above and beyond his duties to make sure we closed… My exchange property is out of state and he guided me through everything since this was all new to me. It was the easiest real estate transaction I’ve ever had. Even now after

Sally Lefton

Learned a lot with this transaction! Thanks to the Azzi team - you really set the standard for your industry, both in professionalism and skill.

Jason Birkenstock

Azzi Advisors did great and I’m very proud of everyone this was a great transaction even though it was not an easy one and I’m very proud and thankful to everyone! Special mention goes to Tony and Rabbie, working with you is nothing short of awesome. Thanks for doing everything necessary to get the job

Alan T. Nissel

Tony and all of the Azzi Staff you all indeed know your stuff! Your professionalism & expertise of commercial real estate shined through in every step of the way. Your team always was responsive and followed up on concerns…. you all were always on top of all the details Thank-you.

Susan Wahlstrom

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