April 17, 2020
Deadlines falling between April 1, 2020 and July 15, 2020 for certain time-sensitive actions have been automatically extended to July 15. In a 1031 tax free exchange, the extension applies to the 45-day identification period and the 180-day exchange period. The extension also applies to the 180 day deadline for an opportunity zone investment. To read IRS Notice 2020-23, see below.
The extensions granted in Notice 2020-23 are automatic and do not require the filing of any extension forms. If additional time is needed beyond July 15, 2020, taxpayers can file the appropriate extension forms. The extensions do not apply to deadlines or time periods ending prior to April 1, 2020.
Every taxpayer’s situation is different. We encourage you to read Notice 2020-23 and to contact a member of the commercial real estate group at Buist Byars and Taylor or consult with your tax advisor should you have any questions.
In response to the continuing COVID-19 pandemic, on April 9, 2020, the IRS issued Notice 2020-23, further expanding tax relief provided in Notices 2020-18 and 2020-20. Notice 2020-23 extends compliance deadlines for taxpayers for certain “Specified Time-Sensitive Actions” including: