The IRS has extended the date by which individuals have to pay and file their 2020 taxes to May 17, 2021. The extension applies to all individual and family filers, no matter how much is owed, and includes self-employed taxpayers. The extension is automatic and requires no extra paperwork. The IRS said the move is an effort to help taxpayers who are struggling as a result of pandemic-related circumstances.
As of this email, the business deadline, state tax deadlines, and first quarter 2021 estimated tax deadline have not changed. The deadline is still April 15, 2021.
The IRS encourages individuals to file their returns as soon as possible, particularly those who are due a refund. Taxpayers who are not prepared to file on May 17 can take advantage of Form 4868 to request a filing extension to October 15. This applies to filing only – payments are still due by May 17.
We at BJM are ready to help. Please contact us with any questions or for assistance with your 2020 return. Watch your emails and our website for further updates from us, particularly related individual state income tax returns, business returns, and estimated payments.