2021 Tax Day Extended for Individuals

Tax Time - 2021

The IRS announced on March 17th, that they will extend the filing and payment deadline for individual federal tax returns from April 15th to May 17th. Here are a few important points to be aware of at this time:

• This does NOT extend other taxpayers such as corporations, trusts, etc. 
• This does NOT extend the first quarter estimate payment which is still due on April 15th. 
• This does NOT extend the extended deadline of October 15. 
• This may not extend your state filing deadline. Check with your specific state(s) tax agency for further guidance. 
• Penalties and interest will begin to accrue on May 18. 
• Taxpayers do not need to file any forms or call the IRS to qualify for this automatic federal tax filing and payment postponement. If your return is not done by this time, you can ask for an extension until October 15th. Source...
  

"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. Source...

Even with the new deadline, the IRS urges taxpayers to consider filing as soon as possible, especially those who are owed refunds. We are continually monitoring this situation and we will keep you updated as the conditions develop. If you have any questions, please contact us.

The Colorado tax deadline is also extended to May 17, 2021. Source...

Check with your individual state to determine if they have also extended the deadline.
For more tax info and help, contact: Your Taxlady