The IRS Postpones the Individual Taxpayer Deadline to May 17th
March 22, 2021 | Deadline Extension, IRS
On March 17th, 2021, the Treasury Department and IRS extended the individual tax return filing deadline from April 15th to May 17th for 2020 tax returns. This postponement comes as a result of the ongoing hardships experienced by millions of Americans as a result of the Covid-19 pandemic. The IRS will provide formal guidance in the coming days.
Details of the Extension Announcement:
Individuals can delay federal income tax payments for tax year 2020 from April 15, 2021 to May 17, 2021.
This postponement also includes self-employment tax payments that are due on April 15th.
Estimated quarterly payments are still due on April 15th.
On May 17th, any unpaid balances will begin to collect penalties, interest, and additions to tax.
This postponement only applies to federal income tax returns. You can check to see if your state return deadline has changed as well through your state-specific tax agency’s website. If you are in Texas, Louisiana, or Oklahoma, several deadlines have been extended as a result of the February winter storms. You can read more on the details of the Texas announcement here.
The announcement does not postpone the April 15 deadline for C Corporations who file Form 1120 but it does apply to sole proprietors who file Schedule C on Form 1040.
There is no need to file any forms to receive this postponement; it is automatic for every individual taxpayer. If you are looking into filing an extension on your 2020 return, fill out Form 4868 and submit the extension request through your tax preparer, using a tax software or through the Free File link on IRS.gov. Extending your tax return due date to October 15th does not give you an extension to the amount of time to pay your taxes; this is solely to file the return. Penalties for late payments will still be added by the IRS beginning May 17. If you have any questions on this announcement please reach out to the Probity Tax Recovery team. Our team is comprised of tax professionals that are available to help you navigate the ever-changing landscape of this pandemic. Schedule a time to speak with us here.