DC Tax Flash: New Compliance Relief for Employee Benefit Plans, Employment Taxes, Others

Tax Alert

In response to the coronavirus outbreak, the Internal Revenue Service (IRS) today issued Notice 2020-35, which provides additional administrative deadline relief for certain employment taxes, employee benefits, and exempt organizations.

The guidance postpones deadlines for "certain employment taxes, employee benefit plans, exempt organizations, individual retirement arrangements (IRAs), Coverdell education savings accounts, health savings accounts (HSAs), and Archer and Medicare Advantage medical saving accounts (MSAs) that, with certain exceptions, are due to be performed on or after March 30, 2020, and before July 15, 2020," the IRS explains.

Notice 2020-35 also temporarily waives the requirement that Certified Professional Employer Organizations (CPEOs) file certain employment tax returns and accompanying schedules on magnetic media.

The 18-page text of Notice 2020-35 is posted here.

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