TAX ALERT: TAX DAY EXTENSION
The IRS and Treasury Department issued a news release, which announced 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. Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed. The IRS will be providing further formal guidance in the coming days.
Please note that the news release goes on to state that this relief does not apply to estimated tax payments that are due on April 15, 2021. At this time, these payments are still due on April 15.
In addition, we are also awaiting further guidance from the state agencies to determine if they will follow the revised federal due dates.
We will keep you updated as more information becomes available in the coming days.