As we approach the traditional April 15 tax filing deadline, you may be aware that the IRS recently announced an extension of time to file a 2020 individual tax return until May 17, 2021.
We want to elaborate on what is currently changing with regard to the IRS extension.
- The IRS deadline to file a 2020 individual tax return (Form 1040) and pay any liabilities associated with the tax return has been extended to May 17, 2021.
- There are no other filing extensions for other types of tax returns. US income tax returns for estates and trusts (Form 1041) as well as US gift tax returns (Form 709) are still due on April 15, 2021.
- Many states are extending their 2020 income tax filing deadline as well, in accordance with the new IRS deadline, but each state may handle this issue differently. You should not assume that all states will extend their filing deadline in accordance with the IRS.
- First-quarter 2021 IRS estimated tax payments are still due by April 15, 2021.
We will continue to keep clients apprised of major changes if/when they occur.