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June 24, 2020

IRS expands COVID-19 relief by extending due date to October 15, 2020 for excise tax on sport fishing and archery equipment

In Notice 2020-48, the IRS has expanded current COVID-19 disaster relief by postponing until October 31, 2020, the tax filing and payment deadlines pertaining to certain federal excise taxes on second-quarter 2020 sales of sport fishing and archery equipment. Federal excise tax is imposed under IRC Section 4161(a) on sport fishing equipment and under IRC Section 4161(b) on bows and arrows; Form 720 reporting these taxes for the second calendar quarter is normally due on July 31.