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April 15 Tax Deadline Extended

April 15 Tax Deadline Extended

  • Tax

The Treasury Department and Internal Revenue Service announced yesterday that the April 15 deadline to file 2020 federal income taxes for individuals has been automatically extended to May 17, 2021. As this extension is automatic, taxpayers will not need to file any forms to request the extension.

Individual taxpayers can also postpone federal income tax payments due on April 15, 2021, to May 17, 2021, without penalties and interest. This postponement applies to individual taxpayers, including individuals 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. However, this relief does not apply to estimated tax payments that are due on April 15, 2021. These payments are still due on April 15.

An additional caveat to keep in mind is that this federal filing extension doesn’t necessarily apply to state taxes. The filing deadline for Kansas has also been extended to May 17 but some states may enforce the April 15 deadline so it is important to confirm your state deadline(s) and plan accordingly.

The IRS is encouraging taxpayers to continue with their tax return preparation and filing efforts even with the extension and pointed out the fastest way to receive any refund due is to file electronically and request the refund via direct deposit.

If you have any questions relating to your specific situation, please contact your Mize CPAs professional.

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