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  • IRS Extends Tax Return/ Payment Date

    Due to the Internal Revenue Service’s (IRS) backlog related to the COVID-19 pandemic and tax law changes recently passed since the start of the pandemic, the Treasury Department and IRS announced on March 17, 2021, that they are providing a short extension of the deadline for individuals to file their federal income tax returns and pay any 2020 balance due.

    According to the announcement, the April 15, 2021, due date for filing and 2020 balance due payments is extended one month to May 17, 2021. This relief applies only to individual tax returns and 2020 balance due payments. The April 15, 2021, first quarter estimated payments are not covered by the relief. The extended due date remains October 15, 2021, for returns originally due April 15, 2021.

    Insights

    For taxpayers with a 2020 balance due on April 15, 2021, the extension does provide a one-month payment deferral. First quarter estimated payments continue to be due April 15, 2021. Taxpayers expecting an overpayment or refund, however, should consider filing their returns as early as possible, as the IRS continues to experience delays in processing credits and refunds.

    With just a one-month delay, and with the announcement by a few states of various extended deadlines, taxpayers will expect their practitioners to continue to work diligently through April to meet the new deadline.


    03/19/2021





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