On May 28, the IRS issued Notice 2020-35, offering more administrative relief on deadlines applicable to employee benefits, employment taxes and exempt establishments impacted by COVID-19. Per Code Section 7508A, the Internal Revenue Service is pushing back deadlines for some time-sensitive actions due to the current crisis. This delay includes the following actions which are due to be completed on or subsequent to March 30, 2020 and before July 15, 2020:
- Employee benefit plans;
- IRAs;
- Specific employment taxes;
- Exempt organizations;
- Coverdell education savings account;
- Health Savings Account (HSAs);
- Archer and Medicare Advantage medical saving accounts;
- Exempt organizations.
What’s more, the IRS is offering a temporary waiver of the requirement that Certified Professional Employer Organizations (CPEOs) file specific employment tax returns and their accompanying schedules on magnetic media. To learn more about the relief, read Notice 2020-35 in full.
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