The Internal Revenue Service moved the April 15th tax filing and payment deadline approximately one month to May 17th. This gives taxpayers additional time to file their 2020 individual tax returns and pay any amounts owed to the IRS. The IRS says it will issue formal guidance in the near future.
The postponement does not apply to estimated income tax payments due April 15, 2021, for 2021 tax years, so the benefit of this extension is limited. The postponement, as announced on Wednesday, does not apply to any other type of federal tax or to any federal information return. The announcement does not apply to any state tax returns.
The extension attempts to alleviate a serious backlog of obligations for the IRS, including, implementing the latest stimulus package – the American Rescue Plan Act of 2021.
A printable version of this information can be found by clicking HERE.
Mark L. Brasee
Emily A. Blomstedt
Benjamin A. Novotny