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Treasury and IRS extend individual filing and payment deadline to May 17

  
The Treasury Department and IRS announced that the federal income tax filing due date for individuals for the 2020 tax year will be extended from April 15, 2021, to May 17, 2021. The IRS noted that formal guidance will be provided in the coming days.

"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, while also working on important tax administration responsibilities," said IRS Commissioner Chuck Rettig. "Even with the new deadline, we urge taxpayers to consider filing as soon as possible, especially those who are owed refunds. Filing electronically with direct deposit is the quickest way to get refunds, and it can help some taxpayers more quickly receive any remaining stimulus payments they may be entitled to."

The agency added that the federal tax filing and payment relief is automatic and individual taxpayers do not need to call the IRS or file any forms to qualify. "Individual 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, tax software or using the Free File link on IRS.gov."

This relief does not apply to estimated tax payments that are due on April 15, 2021. These payments are still due on April 15.

The deadline postponement only applies to individual federal income returns and tax payments otherwise due April 15, 2021, not state tax payments or deposits or payments of any other type of federal tax. The IRS urges taxpayers to check with their state tax agencies for those details.

Read the full news release here. 
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    The core mission of NSA is to help tax and accounting professionals become more successful.

NSA presents this information in the interest of its members for information purposes only and is not intended to provide, nor should it be relied upon, as legal, tax, or accounting advice.


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