With the unusual circumstances caused by the pandemic, the IRS has extended the April 15th deadline for individuals filing for the 2020 tax year. The deadline has been extended from April 15th, 2021 to May 17th, 2021 without penalties and interest. Here are a few more things you need to know:
- The extension only applies to individual federal income returns, not state returns.
- The Federal Income Tax Payment deadline is also extended to May 17th, however, estimated tax payments are still due on April 15th 2021.
- The May 17th tax filing extension is automatic, and individuals do not need to contact the IRS or file an extension. Taxpayers that need additional time beyond the May 17th deadline should request an extension by filing Form 4868. This gives extensions to file until October 15th, but not an extension to pay.
If you have questions or need assistance with your tax return, Five Stone is here to help. Book your consultation today.