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IRS Extends Deadline For 2020 Form 1040

IRS Extends Deadline for 2020 Form 1040

The filing date for individual federal income tax returns has been postponed until May 17. The IRS has announced that 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. This postponement applies to individual taxpayers, including individuals who pay self-employment tax. 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.

Unfortunately, this extended deadline does not apply to C corporations, trusts, any fiscal year filings due April 15th, or 1st quarter estimated tax payments. These will still be due on their original due date.

Individual taxpayers do not need to file any forms or call the IRS to qualify for this automatic federal tax filing and payment relief. Individual taxpayers who need additional time to file beyond the May 17 deadline can request a filing extension until Oct. 15. However, this Oct. 15 extension does not grant an extension of time to pay taxes due. Taxpayers should pay their federal income tax due by May 17, 2021 to avoid interest and penalties.

State Tax Returns

State filing and payment deadlines vary and are not always the same as the federal filing deadline. Some states have already delayed their filing dates and others may follow the IRS example, but at this time, we recommend visiting State Revenue websites to confirm deadlines.  Tennessee Hall Income Tax has been postponed to coincide with the Federal tax deadline.

If you have any questions regarding these changes, please do not hesitate to contact your C&J engagement team.

 

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