Breaking News: The Internal Revenue Service (IRS) said Wednesday that the 2021 Federal tax-filing deadline would be extended from April 15 to May 17. With the challenges of the pandemic, and the multiple COVID relief bills, an extra month is being provided to help taxpayers have the time necessary to file an accurate tax return.
The extended deadline applies only to federal income returns and taxes, meaning that taxpayers will need to check to see if due dates for state taxes have been changed. Not all states follow the same filing deadline as the federal government. Estimated quarterly payments are still due on April 15. At this time, Minnesota state taxes have not extended, and are still due April 15th. For this reason we encourage our clients to continue operating as though state deadlines are unchanged to eliminate the risk of late penalties.
With the various changes to the tax code through the financial rescue bills, and a 3rd round of stimulus checks just starting to arrive in taxpayers accounts, the extra time is welcome. In fact, on Tuesday, more than 100 members of the House of Representatives signed a letter asking the IRS to postpone the deadline. In addition to the other delays, this year’s tax filing season got off to a late start, so the announcement will provide additional flexibility for both the taxpayers and the IRS. If filers still need more time to submit their returns, they can request an extension (but not taxes owed) until Oct. 15 by filing Form 4868.
If you have any questions about this tax deadline extension, contact our experts today!
Click here to subscribe to our newsletter where we bring you the latest information that may impact you and/or your business.