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IRS Extends Federal Income Tax Deadline to May 17, 2021

Posted by Concannon Miller on Thu, Mar 18, 2021

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IRS Extends Federal Income Tax Deadline to May 17, 2021The IRS has announced a one-month extension for filing federal individual income tax returns to May 17, 2021.

The extension affects the filing of your federal individual income tax return and your federal tax payment for the year 2020.

The extension was made to allow for more time to adjust to the many tax changes included in the third stimulus act – officially known as the American Rescue Plan – which passed earlier this month. Get details on the many changes for individuals and businesses here.

The extension, however, does not change the April 15, 2021 deadline for:

  • Trust returns
  • Gift tax returns
  • 2021 first quarter estimated tax payments

Taxpayers do not have to file an extension or any sort of request to file by May 17 for their federal income tax returns – the extension is automatic. Those seeking a filing extension to Oct. 15, 2021 will now have until May 17 to pay any balanced due for their 2020 federal individual income taxes.

Pennsylvania also has announced an automatic extension on state income tax filing and payments for 2020 until May 17. However, the Pennsylvania 2021 first quarter estimated tax payment due April 15, 2021 has not been extended.

If you reside in another state, check to see in the coming days if your state deadline is extended, as well.

Topics: Individual tax planning

Concannon Miller’s unique, holistic and intimate approach to financial health sets us apart from smaller CPA firms with more limited resources as well as mega firms where mid-sized clients struggle for attention. Contact us here to talk about improving your business.

This communication is designed to provide accurate and authoritative information in regard to the subject matter covered at the time it was published. However, the general information herein is not intended to be nor should it be treated as tax, legal, or accounting advice. Additional issues could exist that would affect the tax treatment of a specific transaction and, therefore, taxpayers should seek advice from an independent tax advisor based on their particular circumstances before acting on any information presented. This information is not intended to be nor can it be used by any taxpayer for the purposes of avoiding tax penalties.

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