IRS Extends 2020 Tax Filing Deadline
The Internal Revenue Service announced Thursday, March 18 in the afternoon 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. The State of Michigan has followed suit, but many states have not yet confirmed that they will do the same.
The IRS will be providing more formal guidance in the coming days/weeks.
The postponement applies to individual taxpayers, including individuals who pay self-employment tax.
The postponement does not apply to calendar year-end Trust Tax Returns (1041) or C-Corporation Tax Returns (1120). These are still due on April 15, 2021.
Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021.
The postponement does not apply to 2021 estimated tax payments that are due on April 15, 2021. These payments are still due on April 15.
In addition, earlier this year, the IRS announced relief for victims of the February winter storms in Texas, Oklahoma and Louisiana. These states have until June 15, 2021 to file various individual and business tax returns and make tax payments. This extension to May 17 does not affect the June deadline.
FMD will continue to monitor the various states for further guidance.
Despite this extension, we strongly encourage our individual clients to continue to work closely with their tax advisors and push forward on their tax return preparation and filing.
