IRS issues FAQs on filing and payment relief

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March 2020

Overview

The IRS on March 24 posted to its website its first set of frequently asked questions (FAQs) related to the federal income tax return filing and payment relief announced in Notice 2020-18 in response to the ongoing COVID-19 crisis. The IRS indicated that these FAQs — designed to be a flexible way for the IRS to communicate with taxpayers and practitioners in this challenging environment — will be updated periodically. 

The IRS on March 25 updated its FAQs on the Foreign Account Tax Compliance Act (FATCA) site to provide filing relief for Form 8966, FATCA Report, in response to the COVD-19 crisis.

Taxpayers and practitioners had many questions after the IRS issued Notice 2020-18 last week. The FAQs posted on the IRS website answer some of those questions. While tax professionals have welcomed the additional clarity, unresolved issues remain, and the situation is rapidly evolving. We will continue to request additional clarifications from the Treasury and the IRS and will provide updates on this fluid and challenging situation.

The takeaway

Taxpayers and practitioners had many questions after the IRS issued Notice 2020-18 last week. The FAQs posted on the IRS website answer some of those questions. While tax professionals have welcomed the additional clarity, unresolved issues remain, and the situation is rapidly evolving. We will continue to request additional clarifications from the Treasury and the IRS and will provide updates on this fluid and challenging situation.

Contact us

Kevin Brown

Principal, Tax Controversy and Regulatory Services Leader, PwC US

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