How does the pandemic itself figure into use of the postponement period?
“Some clients are scooping up real estate in prime global locations [though] government closures are often delaying—drastically so—state authorizations of client instruments used in international transactions,” Cumming said.
“Taxpayers should be careful,” Smith added. “Will they need to deploy capital during the intervening time in a way that may affect their ability to pay their taxes on July 15? For example, commercial real estate owners may have tenants shut down and not paying their rent. The owner may have ongoing mortgage obligations. Careful economic planning is critical.”