IRS Notice 2020-23 per Spidell's April 9th news - Spidell

IRS Notice 2020-23 per Spidell’s April 9th news

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Message Board IRS Notice 2020-23 per Spidell’s April 9th news

  • This topic has 3 replies, 3 voices, and was last updated 2 weeks, 1 day ago by Diane White.
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    • #265640
      Anonymous
      Member

      On Spidell’s April 9, 2020 news/flash e-mail, there was a Note stating that “Even though calendar-year partnerships and S corporation returns are due March 15, 2020, they are specifically listed in the Notice as having an extension until July 15,2020” – as per IRS notice 2020-23. This was also mentioned in the Caltax seminar I attended. I also checked IRS Notice 2020-23 and on page 4 it did list partnerships and S-corporations extended through July 15, 2020.

      Was there a subsequent IRS correction or amendment on this? All the postings I see on the Message Board indicates that there was no such extension.

    • #265642
      Diane White
      Participant

      Notice 2020-23 states any Federal tax payments or Federal tax return which is due (originally or pursuant to a valid extension) on or after April 1, 2020 is covered. While it does list calendar year and fiscal year partnerships, the original due date of the calendar year partnership return was March 16, 2020, therefore this extension provision does not apply to Form 1065.

    • #265730
      Randy (Richard) Bauerle
      Participant

      I have two calendar year partnerships that I found out about in June 2020 (the client never told me about these new partnerships) and quickly filed the returns before July 15th.  I just received IRS notices for both of them for late filing penalties.  Apparently the IRS contends notice 2020-23 does not apply to calendar year partnerships.

    • #265763
      Diane White
      Participant

      That is correct as far as the Form 1065 goes since it was due March 16, 2020.

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