Amid the second tax season of the
pandemic, the IRS is giving individual taxpayers another month to file their
2020 returns. While many taxpayers will benefit from this extra time, others
will not. How will this change affect your tax filing deadlines?
More time to file federal returns
The new due date for 2020 1040s is
automatically moved to May 17, 2021.
You can still request an extension
of time to October 15 by filing an extension request using Form 4868. Extension
forms are now due May 17, 2021.
Remember, this is an extension of
time to file, not an extension of time to pay. Penalties for late payment will
begin May 17.
IRS recommends
filing early and electronically
The IRS reminds
taxpayers that the sooner they file, the sooner they will receive any refunds
due. The IRS also encourages electronic filing with direct deposit to help
taxpayers avoid paper processing and mail delays. According to the IRS,
taxpayers following this recommendation can expect their refunds to be
deposited directly into their bank accounts within 21 days of e-filing.
No change for
federal estimated payments
The IRS is NOT
giving a break to individual taxpayers who need to pay 2021 estimated
tax payments. As of now, the IRS advises that
first quarter 2021 estimated tax payments are still due April 15.
https://www.rennercpa.com/irs-moves-1040-due-date-to-may-17/
