The Internal Revenue Service issued Notice 2020-23 (the “Notice”) which provides relief to certain taxpayers as a result of the COVID-19 emergency. The Notice references Revenue Procedure 2018-58, 2018-50 IRB 990 (December 10, 2018) (the ”Revenue Procedure”) which provides that certain “affected taxpayers” are provided relief under the Revenue Procedure. The Notice provides that an “affected taxpayer” is any person performing a time sensitive action listed in the Revenue Procedure which is due to be performed on or after April 1, 2020, and before July 15, 2020. What does this mean? This means that any taxpayer engaged in a Section 1031 exchange whose 45-day identification period or 180-day closing period initially occurred on or after April 1 and before July 15, 2020, will be provided up to July 15, 2020, to either identify their replacement property or close on their transaction (but not beyond the due date (including extensions) of the taxpayer’s tax return for the year of transfer). The Notice also extended the filing requirements for certain taxpayers and extended the time period until July 15, 2020, to make an election to invest capital gain into a qualified opportunity fund if the original 180-day period expired on or after April 1, 2020, and before July 15, 2020.