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    #1

    TTB Update missing language?

    This payment relief applies to all individual returns, including self-employed individuals, and all entities other than C-Corporations, such as trusts or estates. IRS will automatically provide this relief to taxpayers.
    This is the language from IRS announcement but the TTB update we just got is missing what I bolded. What am I missing. I read it that trusts and estates also get until 7/15 to pay balance due.

    If you read the TTB update you get the notion that it only applies to 1040.

    Confusing??
    Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR
    Tags: None
    #2
    It is confusing. IRS should have put "other than C-Corporations" in parentheses if that is what they intended. Or just added a second sentence to state it does not apply to C-Corps. Who writes this stuff?

    Comment

      #3
      TTB should provide a correction to that update.
      Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

      Comment

        #4
        Originally posted by ATSMAN View Post
        TTB should provide a correction to that update.
        The TTB update is correct. The payment extension applies to up to $1 million in taxes due for individuals and up to $10 million for C corporations, per IRS Notice 2020-17.

        Comment

          #5
          Originally posted by Scarecrow View Post

          The TTB update is correct. The payment extension applies to up to $1 million in taxes due for individuals and up to $10 million for C corporations, per IRS Notice 2020-17.
          I am talking about Trusts and Estates.
          Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

          Comment

            #6
            Originally posted by ATSMAN View Post

            This is the language from IRS announcement but the TTB update we just got is missing what I bolded. What am I missing. I read it that trusts and estates also get until 7/15 to pay balance due.

            If you read the TTB update you get the notion that it only applies to 1040.

            Confusing??
            Which announcement? If you can share with a link to the exact wording you state, it may help.
            Always cite your source for support to defend your opinion

            Comment

              #7
              Originally posted by TAXNJ View Post

              Which announcement? If you can share with a link to the exact wording you state, it may help.
              Extension of Payment Deadline
              Post Date: 3/18/2020
              Last Updated: 3/18/2020
              Summary
              Cross References
              - Notice 2020-17

              On March 13, 2020, the President issued an emergency declaration in response to the ongoing Coronavirus Disease 2019 (COVID-19) pandemic. The emergency declaration instructed the IRS to provide relief from certain tax deadlines.

              As a result, the IRS has extended the deadline to pay a federal income tax balance due. Effective for federal income tax payments that are due by April 15, 2020, the new extended payment deadline is July 15, 2020. This extended payment deadline applies to a balance due of up to $1 million for individuals, regardless of filing status, and up to $10 million for C corporations that do not join in filing a consolidated return.

              The extended payment deadline applies solely with respect to federal income tax payments, including payments of tax on self-employment income due on April 15, 2020, and federal estimated income tax payments, including payments of tax on self-employment income due on April 15, 2020.

              The period beginning on April 15, 2020, and ending on July 15, 2020, will be disregarded in the calculation of any interest, penalty, or addition to tax for failure to pay the federal income taxes postponed by Notice 2020-17, up to the $1 million threshold for individuals and $10 million threshold for C corporations. Amounts in excess of these thresholds are still subject to interest and penalties if paid after the April 15, 2020 payment deadline.

              Notice 2020-17 does not extend the payment or deposit of any other type of federal tax. The notice also does not extend the filing deadline for tax returns and information returns.
              Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDR

              Comment

                #8
                Originally posted by ATSMAN View Post
                Extension of Payment Deadline
                Post Date: 3/18/2020
                Last Updated: 3/18/2020
                Summary
                Cross References
                - Notice 2020-17

                On March 13, 2020, the President issued an emergency declaration in response to the ongoing Coronavirus Disease 2019 (COVID-19) pandemic. The emergency declaration instructed the IRS to provide relief from certain tax deadlines.

                As a result, the IRS has extended the deadline to pay a federal income tax balance due. Effective for federal income tax payments that are due by April 15, 2020, the new extended payment deadline is July 15, 2020. This extended payment deadline applies to a balance due of up to $1 million for individuals, regardless of filing status, and up to $10 million for C corporations that do not join in filing a consolidated return.

                The extended payment deadline applies solely with respect to federal income tax payments, including payments of tax on self-employment income due on April 15, 2020, and federal estimated income tax payments, including payments of tax on self-employment income due on April 15, 2020.

                The period beginning on April 15, 2020, and ending on July 15, 2020, will be disregarded in the calculation of any interest, penalty, or addition to tax for failure to pay the federal income taxes postponed by Notice 2020-17, up to the $1 million threshold for individuals and $10 million threshold for C corporations. Amounts in excess of these thresholds are still subject to interest and penalties if paid after the April 15, 2020 payment deadline.

                Notice 2020-17 does not extend the payment or deposit of any other type of federal tax. The notice also does not extend the filing deadline for tax returns and information returns.
                Where is what you state in the OP (excerpt below)-

                “This payment relief applies to all individual returns, including self-employed individuals, and all entities other than C-Corporations, such as trusts or estates. IRS will automatically provide this relief to taxpayers.”

                Where is that stated in the Notice? Do not see especially, “such as trusts or estates”.

                Thanks
                Always cite your source for support to defend your opinion

                Comment

                  #9
                  Originally posted by ATSMAN View Post

                  I am talking about Trusts and Estates.
                  IRS Notice 2020-17 does not say anything about Trusts and Estates.

                  Comment

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