Update to Notice 2020-18: Additional Relief for Taxpayers Affected by COVID-19

The IRS released Treasury Notice 2020-23 on April 9, 2020. It provides relief to taxpayers engaged in like-kind exchanges. The IRS provides an extension to July 15, 2020 for taxpayers whose 45th day identification period or 180th day exchange period fall between April 1, 2020 and July 14, 2020.

In addition, the IRS provided relief to taxpayers engaged in reverse exchanges whose 45th day to identify relinquished property or 180th day to un-park replacement property fall between April 1, 2020 and July 14, 2020. Those taxpayers are granted an extension to July 15, 2020. See the entire Notice here.

The attorneys at Anselmi & Carvelli can assist you in navigating the latest update to Treasury Notice 2020-23. If you have any questions, please feel free to contact William P. Munday.