Call Us : 312.642.0006

Tax, Audit, Firm and Regulatory News

COVID-19 Update #5: IRS Releases Additional Guidance on Extensions and Tax Payments

April 10, 2020

Yesterday, the Internal Revenue Service issued Notice 2020-23, providing additional guidance on tax relief measures for the 2019 and 2020 tax filing and payment deadlines. Specifically, Notice 2020-23 provides:

  • Any tax return filing or payment obligation due between April 1st, 2020, and July 15th, 2020, is automatically extended to July 15th, 2020. 
  • This applies to tax filings and payments for Form 1040, 1040-NR, 1120, 1120-S, 1065, 1041, 706, 709, 990-T, 990-PF
  • Second quarter estimated tax payments that were originally due June 15th are now due July 15th. 
  • Penalties and interest on 2019 or 2020 tax payments deferred until July 15th will begin to accrue on July 16th. 

While the Federal payment and filing deadlines have been delayed until July 15th, we are still encouraging our clients to send us their tax documents as soon as possible, even if not complete, so that we can continue to process your tax returns in a timely manner. Your documents can be uploaded to the client portal at https://topelforman.com/client-portal/. If you are having trouble accessing your portal, please contact portalsupport@topelfor.wwwmi3-ts102.a2hosted.com for additional assistance.

Please do not hesitate to reach out with any questions or concerns. Be safe and continued wishes for good health.

Topel Forman LLC

Related News Posts

Understanding the Illinois Gives Tax Credit Act

Understanding the Illinois Gives Tax Credit Act

Mar 25, 2026

Illinois Gives offers an opportunity to support long-term charitable endowments benefiting Illinois communities while receiving a state income tax credit. Illinois Gives contributions should be evaluated in the context of broader federal charitable planning, given that the Illinois credit both reduces Illinois income tax liability and, under federal quid pro quo rules, reduces the amount of the federal charitable deduction.

read more
Gifting Strategies: Why The Annual Gift Tax Exclusion Matters

Gifting Strategies: Why The Annual Gift Tax Exclusion Matters

Mar 16, 2026

When we talk about gifting as part of a tax strategy, many people assume it’s something only the ultra-wealthy need to worry about. But gifting is actually one of the simplest and most powerful financial planning tools available – and a thoughtful gifting strategy can make a meaningful difference for your family, both now and in the long run.

read more
Why estate taxes aren’t the only inheritance-related costs to consider

Why estate taxes aren’t the only inheritance-related costs to consider

Mar 10, 2026

Estate planning discussions often focus on the federal estate tax exemption, but most families face different challenges when transferring wealth. Probate fees, state-level taxes, capital gains exposure, and administrative complexity can all erode inheritances – even for estates well below the federal threshold. A comprehensive estate plan addresses these hidden costs, not just headline tax numbers.

read more