This presentation explains some of the retirement account-related provisions that have been made for individuals adversely affected by COVID-19. This includes the technical, compliance, and operational requirements that apply.
The IRS recently issued Notice 2020-18: Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic. This Notice provides relief from tax deadlines to affected taxpayers who have been adversely affected by the COVID-19 emergency. The IRS defines affected taxpayers, for the purpose of this relief, as any person with a federal income tax payment or a federal income tax return due April 15, 2020.
Under this relief, the due date for filing federal income tax returns and making federal income tax payments, which was previously April 15, 2020, is automatically postponed to July 15, 2020. Affected taxpayers do not have to file Forms 4868 or 7004 (both applications for extensions to file applicable returns), as this is a postponement and not an extension.
In addition, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law on March 27, 2020 and includes provisions that are intended to provide relief for the economic downturn caused by the coronavirus disease 2019 (COVID-19).
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