Last week, the IRS announced that the federal income tax filing due date for individuals for 2020 will be automatically extended from April 15, 2021 to May 17, 2021. To view the press release from the IRS, click here.
Individuals do not need to file any forms or call the IRS to qualify for this automatic federal tax filing and payment relief.
A few caveats to this relief are worth noting. At this time, the press release only applies individual income tax returns and does not mention trusts or C corporations, which are also due April 15th. The IRS also does not specifically mention extending the deadline for making certain payments such as HSA contributions or IRA contributions. Lastly, the press release mentions that this extension also does not apply to estimated tax payments that are otherwise due April 15, 2021 (i.e. first quarter 2021 estimates for individuals).
This filing deadline postponement to May 17, 2021 only applies to individual federal income tax returns. Many states are starting to release guidance to conform to the new Federal deadline, but some states, including Ohio, have not made this official yet.
We expect the IRS and states to continue to release official notices and additional guidance and our GBQ team will continue to keep you updated. Please contact your GBQ representative should you have questions, or if you would like to discuss the above information in more detail.
Article written by:
Scott Eichar, CPA
Senior Manager, Tax & Business Advisory Services