IRS extends filing and payment deadline for individual taxpayers

Thompson Coburn LLP

Thompson Coburn LLP

The Treasury Department (“Treasury”) and Internal Revenue Service (“IRS”) issued informal guidance via News Release IR- 2021-59 (the “Release”) on March 17, 2021, stating that the federal income tax filing and payment due date for individuals for the 2020 tax year is extended from April 15, 2021, to May 17, 2021 (the “Automatic Extension”). The IRS indicated in the Release that formal guidance regarding the Automatic Extension will be provided in the coming days.

Importantly, the Automatic Extension does not apply to first quarter estimated tax payments for individuals whose income isn’t subject to income tax withholding, including self-employment income, interest, dividends, alimony or rental income. First quarter estimated tax payments are still due by April 15, 2021.

Finally, the Release cautions taxpayers that the Automatic Extension applies only to individual federal income taxes, not to any state tax filing or payment deadlines. Individual taxpayers that anticipate delaying the filing and payment of their federal income tax returns until after April 15, 2021, should consult with their tax advisors regarding any applicable state deadlines (which may be extended at the election of states following this Release).

Thompson Coburn continues to monitor these important developments in the extension of the individual tax filing and payment deadline.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Thompson Coburn LLP | Attorney Advertising

Written by:

Thompson Coburn LLP

Thompson Coburn LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
Custom Email Digest
- hide
- hide

This website uses cookies to improve user experience, track anonymous site usage, store authorization tokens and permit sharing on social media networks. By continuing to browse this website you accept the use of cookies. Click here to read more about how we use cookies.