On March 17, 2021, the Treasury Department and IRS announced that Tax Day is being extended from April 15 to May 17, 2021 for individuals. Taxpayers may also postpone federal income tax payments for the 2020 tax year to May 17, 2021, without penalties and interest, regardless of the amount owed.
“This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities," said IRS Commissioner Chuck Rettig. "Even with the new deadline, we urge taxpayers to consider filing as soon as possible, especially those who are owed refunds. Filing electronically with direct deposit is the quickest way to get refunds, and it can help some taxpayers more quickly receive any remaining stimulus payments they may be entitled to.”
This does not apply to estimated tax payments that are due on April 15, 2021. These payments are still due on April 15. In addition, this postponement only applies to individual federal returns and payments – not with state tax deadlines. Please check with your local state tax agencies for details.
If you are due a refund or qualify for a stimulus payment, it is recommended that you file as soon as possible.
If you have any questions, please connect with your Reese Henry advisor.