IRS and NY State Extend Individual Filing Date to May 17

IRS and NY State Extend Individual Filing Date to May 17

March 23, 2021 - The IRS announced that it is extending the federal income tax filing date for individuals for the 2020 tax year to Monday, May 17, 2021. This is an automatic extension and there is no need to file any forms with the IRS.

This automatic extension is both for filing and payment relief. Individuals may postpone federal income tax payments for the 2020 tax year due on April 15, 2021 to May 17, 2021 without penalties and interest regardless of the amount owed. This postponement applies to individual taxpayers, including individuals who pay self-employment tax. Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021. 

Individual taxpayers who need additional time to file beyond the new May 17 deadline can request an extension until October 15, 2021 by filing Form 4868. Filing Form 4868 does not, however, grant an extension of time to pay taxes due.

This relief does not apply to estimated taxes that are due on April 15, 2021.

New York State followed suit and announced it will also extend the tax filing deadline for individuals for the 2020 tax year to Monday, May 17, 2021. This 30-day extension provides relief to those in New York who are still coping with the complications of COVID-19. 

Although these deadlines have been extended, Dermody, Burke & Brown encourages you to send in your information as early as possible to provide sufficient time for filing all the pertinent information required this year.  Contact your Dermody, Burke & Brown tax professional for the best method to securely submit your tax documents. While our physical offices remain closed to the public at this time, we have various methods in place for you to safely exchange information with your advisor.

We appreciate your business and thank you for your patience over the past year.  Dermody, Burke & Brown is here to answer any questions you may have on the newly extended tax filing deadline.

 

The information reflected in this article was current at the time of publication.  This information will not be modified or updated for any subsequent tax law changes, if any.