IRS Extends April 15th Tax Deadline for Individuals
On March 17, 2021, the Treasury Department and Internal Revenue Service announced that the 2020 federal income tax filing due date for individuals will be automatically extended from April 15, 2021 to May 17, 2021. No additional filing is needed to qualify for this automatic federal tax filing extension and payment relief. This postponement only applies to individual federal income returns and tax payments.
Individuals may also postpone federal income tax payments for the 2020 tax year to May 17th without penalties and interest, regardless of the amount owed. Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances starting on May 17, 2021. The deadline for first quarter 2021 estimated tax payments that are due on April 15, 2021 remains unchanged. Individuals who need additional time to file beyond the May 17 deadline can request a filing extension until October 15th.
Miller Johnson will continue to actively-monitor all Treasury Department and Internal Revenue Service guidance.