Tax Day for individuals extended to May 17, 2021
The IRS and the Treasury department announced today that the federal income 2020 tax filing due date for individuals will be automatically extended from April 15, 2021, to May 17, 2021. The IRS has stated that it will provide further guidance in the coming days.
Individual taxpayers can also 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 applies to individual taxpayers, as well as 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.
For Texas and Oklahoma residents, the filing and payment deadline remains June 15, 2021.
To read more from the IRS, click here
At Collom CPA -
Moving forward, we will continue to prepare returns in a timely manner based on the following:
If we receive your tax preparation paperwork received this week, the tax return will be prepared and ready for review no later than the end of April.
Tax preparation paperwork received will be prepared in the order we receive them. Based on our current work queue, we estimate these returns will be prepared and ready for review during the month of May.