In times of confusion and uncertainty, it’s important to find a good source for information. I’ve received many summaries from various sources about the effect of IRS Notice 2020-18, which delayed some, but not all, tax filing deadlines. For those of us in planning and estate administration, the deadlines for gift and estate tax returns are not extended, but the deadline for Form 1041 (Income Tax Returns for Estates and Trusts) is extended. Here’s a link to the IRS site, which has a link to the actual text of the notice. Below is the link to the IRS Website with answers to questions about the modified tax deadlines.
As with all tax matters, it is best to consult with your tax adviser. A trained, licensed and experienced professional will save you time and avoid risks when handling tax matters, which can be complex, making tax-related decisions an area that should not be handled without training and experience. Even intelligent, diligent individuals who excel in other professional areas may have a hard time comprehending the tax laws. Experience does matter.