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Treasury and IRS extend tax filing and payment deadline to May 17

Tax Return

The federal tax filing deadline has been extended to May 17, 2021

The Department of the Treasury and the Internal Revenue Service (IRS) announced that the 2020 federal tax filing deadline runs from April 15, 2021 to May 17, 2021 (IR-2021-59, March 17, 2021). The IRS will provide guidelines in the coming days. This change comes after legislators, tax professionals, and others put intense pressure on the IRS to give taxpayers more time to file their 2020 federal tax returns. It will also give the Revenue Agency, which already has a filing backlog. unprocessed taxes, more time to adjust your computer systems and forms to account for the tax changes made by the recently enacted American Rescue Plan Act, most notably, the $ 10,200 exemption for unemployment compensation received in 2020.

"This continues to be a difficult 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 with important tax administration responsibilities," he said. Chuck Rettig, IRS Commissioner. “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 fastest way to get refunds and can help some taxpayers get any remaining stimulus payments due to them faster. "

The IRS urges taxpayers who are owed a refund to file as soon as possible. Most e-filed tax refunds are issued within 21 days.

Also, if you did not receive a stimulus payment or only received a partial stimulus payment, claiming the Recovery Refund Credit by filing a tax return is the only way to get your extra money. For families that have not received their first and second stimulus payments this could be up to an additional $ 1,800 per taxpayer.

So here's what you need to know about the tax deadline extension announcement:

  • Do I need to file an extension to file an extension on April 15?  No, you do not need to take any action. The May 17 extension automatically applies to all taxpayers.
  • Will extending the tax period delay my tax refund? No, the IRS expects to continue to process refunds normally, but encourages all taxpayers to file now.
  • Will the deadline for my state taxes also be extended? That depends on your state. Many can adjust to the new tax deadline of May 17, but it will take some time for states to make that decision. For the deadline in your state, see below.
  • Does this extension apply to 2021 estimated quarterly tax payments? No, this extension does not apply to the estimated income tax payment terms for the first and second quarters of 2021. These remain on April 15, 2021 and June 15, 2021. 

Does the extended term mean I have more time to pay? Does the extended term allow me to pay my balance due before May 17?

The extension of the federal tax filing deadline also applies to 2020 tax payments.

Taxpayers who owe money can defer federal tax payments for tax year 2020, interest-free and without penalty until May 17. This deferral applies to all individual taxpayers. These taxpayers can defer their 2020 federal tax payments regardless of the amount owed until the new deadline. This only applies to individual 1040 tax returns, not business tax returns.

Deferring federal tax payments means that if you owe money on your federal taxes, you will get more time to pay what you owe.

  • How do I know if I qualify for the extended payment deadline? And do I need to submit an extension to get it? Any individual taxpayer with a Federal Tax Payment related to their 2020 taxes can defer their tax payment, free of penalties and interest.
  • What if I have already filed my taxes and scheduled my payment for April 15? We are awaiting guidance from the IRS on what you need to do to change your scheduled payment date. Pay attention.
  • What if I need more time beyond the May 17 deadline to pay? If you need additional time, beyond May 17, you will need to submit an extension. An extension will give you until October 15, 2021 to file your taxes, but you will still have to pay any taxes due before May 17. Payments after May 17 will be subject to penalties and interest. The IRS also has installment plans available, you can learn more  here.

Please continue to check here for the most up-to-date tax due date information and related changes while we await final guidance from the IRS.

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