Due to the unusual circumstances related to the pandemic, the Internal Revenue Service (IRS) extended the filing and payment deadline for individuals to May 17, 2021. Federal income tax payments (including self-employment tax) for the 2020 tax year can also be postponed to May 17 without penalties and interest.
Individual taxpayers do not need to file any forms or call the IRS to qualify for this automatic federal tax filing and payment relief. Individual taxpayers who need additional time to file beyond the May 17 deadline can request an extension of time until October 15.
This relief does not apply to estimated tax payments that are due on April 15, 2021. These payments are still due on April 15.
Filing an extension of time gives taxpayers until October 15 to file their 2020 tax return but does not grant an extension of time to pay taxes due. All taxes due must be paid by May 17 to avoid interest and penalties.
This relief does not apply to state filing and payments.
The IRS will be providing more guidance in the coming days. In the mean time, if you have any questions, do not hesitate to contact us.