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The following only applies to individual returns.  So far, all other returns and entities will retain their original due dates.

The IRS will be extending the 2020 tax filing due date for individuals to May 17, 2021.  This includes any payments due as well.  Just remember, if you have a payment due, penalties and interest WILL begin to accrue on any unpaid balance after May 17, 2021.

Keep in mind, however, if you pay quarterly estimates, the first quarter 2021 tax payments will still be due on April 15, 2021.

The Franchise Tax Board has also conformed to the IRS, extending the filing due date to May 17, 2021, while keeping the first quarter estimates due date of April 15, 2021.

What may be tricky is determining what states will follow the IRS lead and what states will not.   This will be a work in progress so, as always, contact us or your trusted advisors.

An IRS spokesperson added the following, “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.”

While this gives taxpayers extra time to file, we still want to encourage you to forward your documentation, as if the deadline was not extended.  You never know how handy that extra time will be later!

Our Firm’s position is to continue working as if April 15th were still the deadline so we can properly inform our clients of any 1st quarter estimates that may be due.  This allows us to provide ample notice regarding taxes that may be due for 2020 or deliver the good news of any possible refunds.

Things change constantly, we will continue to bring you updates as we get them.  Check out the rest of our blog for any updates you might have missed, or give us a call with questions!  You know where to find us!

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