Breaking News: IRS Extends Filing Deadline for Individual Tax Returns
The Internal Revenue Service announced yesterday that it is automatically extending the federal income tax filing deadline for 2020 individual tax returns to May 17, 2021. Individual tax payments can now be made by this filing date without penalty and interest. This change allows time for tax law changes made retroactive by the recently passed American Rescue Plan Act to be implemented on applicable 2020 tax returns (see our summary of the law here).
Corporation and trust tax return deadlines are still April 15, 2021. Additionally, 2021 first quarter estimated payments are due on April 15 as well. With these deadlines unchanged it will be beneficial for individuals to prepare their tax returns in time to calculate and pay 2021 estimates timely.
Further guidance and instructions, including news about state tax return filing deadlines, will be released soon. Follow our social media channels (@SquireCPA) for updates as they are released.
Squire recommends and encourages filing your individual tax returns as soon as possible to process your tax return sooner, return any refunds to you sooner, update your eligibility for federal assistance, and ensure your state tax return filing is filed by the correct due date. Our team of tax advisers are available to help you file your returns ahead of the new filing deadline. Connect with us today!