Information on the Individual Tax Deadline: Extended to May 17th, 2021
The Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.
The postponement applies to individual taxpayers, including individuals who pay self-employment tax. The IRS says taxpayers who request an extension using Form 4868 will, as usual, have until October 15th to file their returns, but their tax payments will be due May 17th.
The postponement, as announced on Wednesday, does not apply to any other type of federal tax or to any federal information returns. Penalties, interest, and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021.
The postponement does not apply to estimated tax payments that are due on April 15, 2021. These payments are still due on April 15.
When the formal guidance is issued we will provide more details. Also, we will be monitoring Tennessee’s and other states’ responses to the extended deadline.