- March 19, 2021
- Posted by: Dan Gordon
- Category: Accounting Advice
The IRS announced on March 17 that it is postponing the 2020 federal income tax filing deadline for all individual tax returns (1040s). Returns that were due April 15, 2021, will not have to be filed until May 17, 2021. The IRS says it will issue formal guidance soon.
The postponement applies only to individual taxpayers. Individuals do not have to file for an extension to qualify for this postponement. However, taxpayers who request an extension using Form 4868 will, as usual, have until Oct. 15 to file their returns, but their tax payments will be due May 17 rather than April 15.
No interest, penalty or addition to tax for failure to file a federal income tax return or to pay federal income taxes will accrue between April 15, 2021, and May 17, 2021, for any return or payment postponed by the announcement.
The postponement does not apply to estimated income tax payments due April 15, 2021, for the 2021 tax year, which in our opinion really waters down the additional time-to-file directive because the tax return needs to be calculated anyway to determine the required estimated payment due on April 15, 2021. We will keep you updated.