IRS officially extends tax filing deadline to May 17th
Posted on March 18, 2021
The Treasury Department, IRS and the State of Indiana have announced that the 2020 federal income tax filing due date for individuals will be extended from April 15, 2021, to May 17, 2021.
“This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic,” said IRS Commissioner Chuck Rettig. Individual taxpayers do not need to file any forms or call the IRS to qualify for this automatic federal tax filing and payment relief.
According to Teipen CPA Group, that means that individual taxpayers can also push back any owed federal income tax payments for the 2020 tax year due on April 15, 2021 to May 17, 2021 without penalties and interest.
Here are some details taxpayers should note:
- Taxpayers must pay their federal income tax due by May 17, 2021, to avoid interest and penalties.
- Taxpayers who need additional time to file beyond the May 17 deadline can request a filing extension until Oct. 15 by filing Form 4868 through their tax professional.
- Filing Form 4868 gives taxpayers until Oct. 15 to file their 2020 tax return but does not grant an extension of time to pay taxes due. The IRS urges taxpayers who are due a refund to file as soon as possible. Most tax refunds associated with e-filed returns are issued within 21 days.
This relief does not apply to estimated (quarterly) tax payments that are due on April 15, 2021. These payments are still due on April 15 and must be paid as taxpayers earn or receive income during the year, either through withholding or estimated tax payments. Most taxpayers automatically have their taxes withheld from their paychecks and submitted to the IRS by their employer.
The CPAs of Teipen CPA Group will be pleased to help you pull together your state and federal taxes to meet new guidelines and protocols. Call to ask our dedicated CPAs any questions you may have or learn how to become a new client of ours remotely.