Last week, the Treasury Department and the IRS extended the 2020 income tax filing deadline from April 15, 2021, to May 17, 2021.
While the IRS will be providing more guidance, it’s essential to understand this is not an extension for all.
- The extension only applies to individual tax returns. The deadline for business tax filing is still April 15th. The deadline for the first and second quarterly 2021 estimated tax payment is still April 15th and June 15th, respectively.
- The extension also applies to 2020 tax payments. If you owe money, you can defer payments interest-free and penalty-free until May 17th.
- The State of New York has also extended its deadline to May 17, 2021, to align with the federal government’s tax deadline.
- As with the federal extension, New York State’s extension is limited to individuals. It doesn’t apply to business tax returns or estimated tax payments for the 2021 tax year. Those are still due April 15, 2021.
- Individuals do not need to file an extension or take any other action to file past April 15th.
The selective nature of the IRS postponement has caused a little uncertainly. If you’re unsure about your status in the related changes or need help filing, the tax professionals at Boris Benic and Associates are always available.