As a Saint Patrick’s Day libation, the IRS announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS said they will be providing formal guidance on the new date in the coming days. In addition, according to their release, individual taxpayers can also postpone federal income tax payments for the 2020 tax year (formerly due on April 15th) to May 17, 2021, without penalties & interest. This postponement applies to individual taxpayers, including individuals who pay self-employment tax. Be sure to do your due diligence by following up with your tax professional as the final details emerge.
“This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities,” said IRS Commissioner Chuck Rettig.