Caeteris Paribus

View Original

Federal Income Tax Filing Deadline Extended for Individual Tax Returns

The Treasury Department and Internal Revenue Service announced on March 17, 2021 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. This extension does not apply to C-Corporations, Trusts, calendar year Estates, and Gift tax returns.

The filing extension also applies to tax year 2020 federal income tax payments for individuals normally due on April 15, 2021. These payments will now be due by May 17, 2021. Penalties and interest will begin to accrue on any remaining unpaid balance after May 17, 2021.

First quarter estimated tax payments are still due on April 15, 2021.

Individual taxpayers who need additional time to file beyond the May 17th deadline can request a filing extension until October 15, 2021. This extension to October 15th does not extend the due date for making the 2020 tax payments. 

State Income Tax Filing Deadlines

State filing and payment deadlines vary and are not always the same as the federal filing deadline. The IRS urges taxpayers to check with their state tax agencies for those details. Check here for a a list of state tax agencies: https://www.taxadmin.org/state-tax-agencies

California will follow the IRS filing and payment extension due date of May 17, 2021 for individual taxpayers. Similarly to the IRS, the California extension will not apply to 2021 first quarter estimated tax payments, which are due April 15, 2021.