IRS Extends Tax Deadline

This post has been updated to reflect Pennsylvania’s announcement that it too would extend the filing deadline for individual taxpayers.

The Internal Revenue Service announced this week that the due date for individual federal income tax filings for 2020 will be automatically extended from April 15, 2021 to May 17, 2021. Individual taxpayers can also postpone federal income tax payments related to 2020 to May 17, 2021 without penalties and interest.

If you are owed a refund and have not filed yet, you should file as soon as possible. Most tax refunds claimed on e-filed returns are issued within 21 days.

If you make quarterly estimated tax payments, you should know that this relief does not apply to estimated tax payments that are due on April 15, 2021.

Many taxpayers are required to file tax returns in their state and/or locality in addition to their federal returns. Some states default to whatever deadline the IRS sets, while others set their own deadlines. Pennsylvania announced that it would extend its filing deadline for individual taxpayers to May 17, 2021 as well.

Have more questions? Schreiber Accounting and Advisory can help with comprehensive tax return preparation and tax planning services. Contact the firm for more information.

Material discussed is for informational purposes only. It is not to be interpreted as investment, tax, or legal advice. Individual situations vary, and this information should only be relied upon when coordinated with individual professional advice.