On Wednesday, March 17th, the Treasury Department and Internal Revenue Service (IRS) announced in a news release (IR-2021-59) that they were extending the filing due date for individuals for the 2020 tax year from April 15th, 2021 to May 17th, 2021. Tax payers can postpone federal income tax payments until May 17th, 2021 without penalty or interest. Penalties and interest will resume on any unpaid balance as of the new deadline.
It’s important to note, the extension does not apply to estimated tax payments due on April 15th. Additionally, unless your state follows with their own extension, state tax deadlines remain unchanged at this time.
IRS Commissioner Chuck Rettig shared in the news release, “This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities. Even with the new deadline, we urge taxpayers to consider filing as soon as possible, especially those who are owed refunds. Filing electronically with direct deposit is the quickest way to get refunds, and it can help some taxpayers more quickly receive any remaining stimulus payments they may be entitled to.”
The extension does not require additional forms; however, extending until October 15th still requires a extension request be filed.
