Federal Individual Tax Filing Deadline Extended to May 17, 2021

On March 17, 2021, the Treasury Department and the Internal Revenue Service (IRS) announced the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021 to May 17, 2021. The IRS will be providing additional guidance in the coming days.

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. Penalties and interest will begin to accrue on any remaining unpaid 2020 balances as of May 17, 2021.

Individual taxpayers do not need to file any forms or call the IRS to qualify for this automatic federal tax filing and payment relief. Individual taxpayers who need additional time to file past the May 17, 2021 deadline can request a filing extension until October 15, 2021. Filing an extension grants an extension of time to file, not to pay.

The relief does not apply to 2021 1st quarter estimated tax payments that are due April 15, 2021 for certain taxpayers. These payments are still due April 15, 2021.

The federal tax filing deadline postponement applies to individual federal income returns and tax payments, not state tax filings or payments. New York State has not issued guidance if they will be following the federal extension of time to file and pay as of this correspondence.

The IRS urges taxpayers to consider filing as soon as possible, especially those who are owed refunds. Filing electronically with direct deposit is the quickest way to receive refunds, and it can also help certain taxpayers receive any remaining stimulus payments they may be entitled to.

We remain on alert to any news about this situation. We will be sure to keep you apprised of any new updates at both the federal and state levels.

In the meantime, please do not hesitate to contact us with any questions you have regarding these circumstances.