U.S. Tax Deadline for Individuals Extended to May 17

U.S. Tax Deadline for Individuals Extended to May 17

On March 17, 2021, the Treasury Department and Internal Revenue Services announced that the federal income tax filing due date for individual for the 2020 tax year will be automatically extend from April 15,2021 to May 17, 2021.

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.

You do not need to file additional forms or call IRS to qualify for this automatic extension. Individual taxpayers who need additional time to file beyond the May 17 deadline can request a filing extension until Oct. 15 by filing Form 4868. Please note that the federal income tax due is still May 17, 2021 even if you file the Form 4868.

The purpose of this postponement is to help taxpayers navigate the unusual circumstances during the pandemic. But even with the new deadline, the IRS urges taxpayers who are due a refund to file as soon as possible. Most tax refunds associated with e-filed returns are issued within 21 days.

The extended deadline applies only to individual federal income returns and taxes, not businesses or exempt organization returns. The relief also does not apply to quarterly estimated tax payments to the IRS. And the taxpayers will need to check to see if due dates for state taxes have been changed. Not all states follow the same filing deadline as the federal government.

Reference: https://www.irs.gov/newsroom/tax-day-for-individuals-extended-to-may-17-treasury-irs-extend-filing-and-payment-deadline