The IRS has announced that the federal income tax filing deadline for individuals for the 2020 tax year is extended from April 15, 2021, until May 17, 2021 as a part of the ongoing pandemic. As part of its announcement, the IRS stated it would soon be issuing additional guidance about the deadline extension.
Extended Deadline Details
Individual taxpayers also can 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 those 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.
Please note, individual taxpayers do not need to file any forms to qualify for this automatic federal tax filing and payment relief.
Estimated Payment Deadline Not Extended
This relief does not apply to estimated tax payments that are due on April 15, 2021. These payments are still due on that date.
State Tax Returns Not Included
Be aware that the federal tax filing deadline postponement to May 17, 2021, applies to only individual federal income returns and tax (including tax on self-employment income) payments otherwise due April 15, 2021. It does not apply to state tax payments or deposits or payments of any other type of federal tax. State filing and payment deadlines vary and are not always the same as the federal filing deadline. Guidance from the State of Missouri should be forthcoming and will be communicated once received.
In addition, earlier this year, the IRS announced relief for victims of the February winter storms in Texas, Oklahoma, and Louisiana. These states have until June 15, 2021, to file various individual and business tax returns and make tax payments. The extension to May 17 does not affect the June deadline.
File As Soon As Possible
Be aware that this extended deadline is optional, and the IRS still urges taxpayers to consider filing as soon as possible. KPM also recommends that clients continue to submit tax documents now to allow our advisors adequate time to file returns and provide timely guidance. Contact your preparer with additional questions.