IRS extends tax filing and payment deadline

By: Ivan Lukic

The Internal Revenue Service (IRS) has extended this year’s federal income tax filing due date from April 15, 2021, to May 17, 2021. This move will give taxpayers more time to adjust for tax-law changes implemented during the pandemic and complete their 2020 tax returns. In addition, individual taxpayers will now have until May 17, 2021 to pay federal income tax payments for the 2020 tax year, instead of the usual April 15 cutoff date. The extension does not apply to estimated tax payments, which are still due on April 15, 2021.

For those who need extra time to file taxes after the May 17^th deadline, they can request a filing extension until October 15^th by filing Form 4868.

The IRS’s extension on filing and payment deadline only applies to individual federal income returns and tax payments otherwise due April 15, 2021, not state tax payments or payments of any other type of federal tax.

Make sure to reach out to your CPA or tax advisor for any specific tax questions.

For more information, please click here.

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

Ivan Lukic was a Communications and Client Relationship Associate at Carolinas Investment Consulting.

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