3/29/2021 Update: The Internal Revenue Service and the Treasury Department have provided additional details around the tax deadline extension.
As reported earlier, the April 15 deadline for filing and paying individual income tax has been extended until May 17, 2021. This week, the IRS announced they are also automatically extending the deadline for individuals to make 2020 contributions to their individual retirement accounts and health savings accounts. The deadline for doing so is automatically postponed until May 17.
In the press release, the IRS also doubled down on the condition that 2021 Q1 payments are still due on April 15, 2021. The deadline for these payments has not been changed, even with the month extension for 2020 individual filings. Additionally, corporate, trust, fiscal year end, or any other tax filings that typically file on April 15 must still file and pay by then; no extension has been granted for these filings at this time.
As previously announced, the extension of the 2020 individual return tax filing deadline is an automatic federal extension, so no interest or penalties will be assessed, regardless of the amount owed, as long as payment and filing are made by May 17.
In this ever-changing environment, there may be additional information in the coming days, and we’ll continue to keep you apprised of any changes as they are reported.
If you have any questions regarding the extended filing deadline and how it may affect you, please contact a Clark Nuber professional.
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