The IRS recently announced that it has extended the tax filing deadline for individuals from April 15, 2021 to May 17, 2021. In the welcomed apparent waning of the COVID-19 pandemic, this allows taxpayers a little additional time to gather the necessary materials to prepare a complete and accurate return.
You do not need to file any forms or call the IRS to qualify for this automatic federal tax filing and payment relief. If you need additional time to file beyond the May 17 deadline, we can still request a filing extension until Oct. 15 by filing Form 4868. Filing Form 4868 gives taxpayers until Oct. 15 to file their 2020 tax return but does not grant an extension of time to pay taxes due. Taxpayers should pay their federal income tax due by May 17, 2021, to avoid interest and penalties.
Please note that this extension does not apply to entities with a 4/15 deadline, but for personal returns only. It also does not apply to quarterly estimated tax payments which should still be paid by 4/15.
Even with the extended deadline, we encourage you to go ahead and file sooner rather than later, especially if you are anticipating a refund. Our professionals stand ready to assist you with any of your current needs, from tax filing and compliance to tax planning and more. We can also provide guidance on PPP forgiveness applications or Second Round PPP funding applications.
We welcome the extended deadline and hope this provides a much-needed reprieve for anyone who is still struggling.