|Individual Taxpayer Filing and Payment Deadline Extended But Be Cautious
The IRS announced yesterday, March 17th, that they will extend the filing and payment deadline for individual federal tax returns from April 15th to May 17th. A few important points to be aware of as we understand them today:
- This does NOT extend other taxpayers such as corporations, trusts, etc.
- This does NOT extend the first quarter estimate payment which is still due on April 15th.
- This does NOT extend the extended deadline of October 15.
- This may not extend your state filing deadline. Check with your specific state(s) tax agency for further guidance.
- Penalties and interest will begin to accrue on May 18.
- Taxpayers do not need to file any forms or call the IRS to qualify for this automatic federal tax filing and payment postponement. If your return is not done by this time, you can ask for an extension until October 15th.
In light of the stipulation regarding the first quarter estimated tax payment for 2021, we are advising all clients to continue under the assumption that we intend to file all individual federal tax returns by April 15th as originally planned.
This is an evolving situation that we are continually monitoring. We will keep you updated as the conditions develop. If you have any questions about your specific circumstance, please contact our team at BiggsKofford.