2020 Federal Filing & Payment Deadline Extended to May 17, 2021 – Individual returns ONLY

March 18, 2021 Posted by: Category: Blog No comments

2020 Federal Filing and Payment Deadline Extended to May 17, 2021
Individual returns ONLY.

 

The IRS has issued IR-2021-59 concerning the delay for FILING AND PAYMENTS on taxes due for 2020.

Filing is extended to Monday, May 17, 2021, BUT for individual (form 1040) returns only.

 

To date, no states have complied with this delay in filing.

You will still have to file and pay state returns unless and until any changes occur.

 

Our deadline for delivering all your tax documents to our office has been extended to April 5, 2021

Documents received after that date may still be subject to Federal Extension.

State extensions still due on 4/15/2021 may cause backups as we have to deal with 2 filing deadlines.

 

Our office still plans to return to our off-season hours after 4/15/21.  That means a slower pace for the preparation of returns.  Please don’t take advantage of this delay to procrastinate even further.

 

It is important to note the following:

  • Returns qualifyings are 1040 personal returns ONLY.
  • No relief has been granted for Partnerships/LLC (1065) or S Corporations (1120S) that were due 3/15/2021, nor for Corporations that are due 4/15/2021
  • Federal returns do not have to be extended on 4/15/2020 (But State returns still do)
  • Returns not filed by 5/17/2020 will need to file an extension
  • Penalties and interest UP TO 4/15/2021 will still be owed.
  • AFTER 5/17/2021, penalties and interest start again.
  • Quarter 1 Estimates have not been delayed and must still be paid by 4/15/2021
  • IRA and SEP contributions for 2020 MUST be paid by 4/15/2021
  • HSA funding for 2020 MUST be paid by 4/15/2021

 

For the narrative from the IRS see this link:

https://www.irs.gov/newsroom/tax-day-for-individuals-extended-to-may-17-treasury-irs-extend-filing-and-payment-deadline.

 

About 

Paul Dion - Speaker, Author, and Tax Advisor - has been planning and preparing returns for business owners for over 25 years with a specialty in helping real estate agents and investors. His passion is to help business owners legally pay the least amount of tax using court-tested and IRS-approved tax strategies. In addition, he continues to advance service offerings to include income saving strategies designed to deliver higher profits to your business.