The IRS has announced that many tax filing deadlines for Texas residents have been automatically extended to June 15, 2021 to allow for impacts due to recent winter storms. This extension applies to the following returns:
- 2020 business returns due on March 15
- 2020 individual and business returns due on April 15
- Quarterly estimated income tax payments due on April 15
- Quarterly payroll and excise tax returns due on April 30
- Tax-exempt organizations with a 2020 return due on May 17
- IRA contributions due on April 15
In addition, no penalties will apply to payroll and excise tax deposits due between February 11 and February 26 if the deposits are made by February 26.
Please note: The Texas Comptroller’s office has yet to extend the Texas state deadlines. Currently, the franchise tax return is still due May 15.
This relief is provided to all residents and business owners in Texas, and the IRS will automatically extend these deadlines for any taxpayer whose records reflect a Texas address. If you receive a penalty notice from the IRS for a filing due date within the postponement period, contact the number on the notice in order to get the penalty abated.
Taxpayers who experience uninsured or unreimbursed disaster-related losses can choose to claim them on either the tax return for the year in which the loss occurred (2021) or the return for the prior year. This means that your 2020 individual or business return currently being processed can include these losses if desired. The FEMA declaration number 4586 should be added to any return claiming the loss. Contact us for more information.