On Wednesday March 17th, 2021 the IRS announced the delay of the April 15 tax deadline for individuals by one month, to Monday, May 17, 2021. Individuals can postpone the filing of their 2020 individual tax returns and income tax payment due on April 15th until May 17, 2021. The new deadline applies only to individual taxpayers. The IRS will be providing further guidance in the coming days.
As of today, the extension to May 17 does not apply to trusts (Form 1041) or C Corporations (Form 1120). Currently, it is only an extension for 2020 individual income tax returns and any balance due on that return. We have not yet heard about the impact to state tax deadlines.
Additionally, the extension does not apply to first quarter 2021 individual federal estimated tax payments. Those are still due April 15th of 2021.
“This will be some help for our clients who have been stressed with all the additional complications of this last year,” said Laurie Waterman. “We are watching all the news outlets and will update via our regular communication channels, as we are confident of final decisions.”
Clients are encouraged to keep submitting documents to allow our teams to continue working throughout and up to the new deadline.