Tax Season Extended Deadline for Individuals
March 18, 2021
On March 17, 2021, the Treasury Department and Internal Revenue Service announced that the federal income tax filing due date for individuals for tax year 2020 will automatically be extended from April 15, 2021, to May 17, 2021. This extension also applies to federal income tax payments for individuals for tax year 2020 normally due on April 15, 2021, which will now also be due by May 17, 2021. Penalties and interest will begin to accrue on any remaining unpaid balances after May 17, 2021. Individual taxpayers who need additional time to file beyond the May 17th deadline, can request a filing extension until October 15, 2021. This extension to October 15th does not extend the due date for making the 2020 tax payments.
No relief has been granted at this time for 2021 first quarter estimate tax payments, which are also normally due on April 15, 2021. These payments continue to be due by April 15, 2021. There has also not been any relief granted at this time for C-Corporations, Trusts, calendar year Estates, or Gift tax returns also normally due April 15, 2021.
California has also confirmed that it will follow the IRS filing and payment extension due date of May 17, 2021 for individual taxpayers only. Similarly to the IRS, the California extension will not apply to the estimated tax for 2021 first quarter estimated tax payments, which will continue to be due April 15, 2021.
This year we are seeing an increase in the amount of time it’s taking to process returns due to added complexity, so please do not wait to provide us with your 2020 tax info. We continue to encourage our clients to provide any information to us electronically, via secure email or by uploading to our secure portal. If documents can’t be sent electronically, you can mail your information to our office. If you wish to use our portal, but do not have instructions on that process, please contact us and we will forward you instructions. We will continue to process your information as efficiently as possible.
Please do not hesitate to contact our office if you have any questions.
Gatto, Pope & Walwick, LLP
Certified Public Accountants