Last month, the IRS announced that the tax payment deadline was extended to July 15, 2020. On April 9th, the IRS released more guidance, Notice 2020-23, expanding on relief for additional returns, tax payments, and other actions for taxpayers affected by the coronavirus pandemic. The extensions now apply to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020.
Taxpayers who are currently engaged in a 1031 exchange can seek deadline relief from the 45-day exchange period or 180-day exchange period deadline between April 1 and April 15, 2020, and will have an automatic extension to July 15th.
We are watching this closely and will continue to send out any guidance from the IRS to inform our clients of changes that might affect their 1031 exchange.