b'THE OFFICIAL NFBA MAGAZINERELIEF FOR TAXPAYERS AFFECTED BY ONGOING CORONAVIRUS DISEASE 2019 PANDEMIC IRSIRS TAX UPDATEOn March 13, 2020, the President of the United States issued an emergen-cy declaration under the Robert T. Stafford Disaster Relief and Emergency Assistance Act in response to the ongoing Coronavirus Disease 2019 (CO-VID-19) pandemic (Emergency Declaration). T he Emergency Declaration instructedThe Applicable Postponed Payment the Secretary of the Treasury to provideAmount is up to $10,000,000 for relief from tax deadlines to Americans whoeach consolidated group (as defined have been adversely affected by the COVID-19in 1.1502-1) or for eachemergency, as appropriate, pursuant to 26 U.S.C.For all other Affected Taxpayers, the Applicable 7508A(a). Pursuant to the Emergency Declaration,Postponed Payment Amount is up to $1,000,000 this notice provides relief under section 7508A(a)regardlessoffilingstatus.Forexample,the of the Internal Revenue Code for the personsApplicable Postponed Payment Amount is the same described in section III of this notice that thefor a single individual and for married individuals Secretary of the Treasury has determined to befiling a joint return. In both instances the Applicable affected by the COVID- 19 emergency. Postponed Payment Amount is up to $1,000,000.Section7508AprovidestheSecretaryoftheThe relief provided is available solely with respect to Treasury or his delegate (Secretary) with authorityFederal income tax payments (including payments to postpone the time for performing certain actsof tax on self-employment income) due on April under the internal revenue laws for a taxpayer15, 2020, in respect of an Affected Taxpayers 2019 determined by the Secretary to be affected by ataxable year, and Federal estimated income tax Federally declared disaster as defined in sectionpayments (including payments of tax on self-165(i)(5)(A). Pursuant to section 7508A(a), a periodemployment income) due on April 15, 2020, for of up to one year may be disregarded in determiningan Affected Taxpayers 2020 taxable year. The whether the performance of certain acts is timelyApplicable Postponed Payment Amounts described under the internal revenue laws. in this section III include, in the aggregate, all The Secretary has determined that any personpayments described in the preceding sentence due with a Federal income tax payment due April 15,on April 15, 2020 for such Affected Taxpayers.2020, is affected by the COVID-19 emergency forNo extension is provided in this notice for the purposes of the relief described in this section IIIpayment or deposit of any other type of Federal tax, (Affected Taxpayer). or for the filing of any tax return or information For an Affected Taxpayer, the due date for makingreturn.Federal income tax payments due April 15, 2020, inAs a result of the postponement of the due date an aggregate amount up to the Applicable Postponedfor making Federal income tax payments up to the Payment Amount, is postponed to July 15, 2020. 12 / FRAME BUILDER -APR2020'