FILING AND PAYING DEADLINE EXTENDED!

The IRS, in IR-2021-59, has announced that “the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021.”

 

According to the notice -

 

“Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed. . . . Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021. Individual taxpayers will automatically avoid interest and penalties on the taxes paid by May 17.”

 

It also explains –

 

“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.”

 

This applies only to the federal Form 1040 or 1040-SR.  “This relief does not apply to estimated tax payments that are due on April 15, 2021. These payments are still due on April 15.”

 

It also does not necessarily apply to the deadline for filing state income tax returns and paying any balance due.  “State filing and payment deadlines vary and are not always the same as the federal filing deadline. The IRS urges taxpayers to check with their state tax agencies for those details.”

 

I will post here when I hear about any change to New Jersey and New York state return deadlines.

TTFN