The IRS announced that the standard April 15th tax-filing deadline is being extended until Monday, May 17th, giving households an extra month to complete their tax returns.
The corporate tax filing deadline remains in place with a due date of March 15th for S-corporations and April 15 for C-corporations. In addition, Q1 estimated tax payment obligations for 2021 have not been extended and will still be due on April 15th.
The tax filing deadline for individual returns, as well as the obligation to pay whatever is due alongside their 2020 tax return, is delayed until the new May 17th date (and includes states impacted by recent winter storms disasters, including Texas, Louisiana, and Oklahoma, which have already been separately extended to June 15th).
The IRS has not yet issued guidance for those who may have already filed their tax returns and now need to adjust them (especially those who had included 2020 unemployment benefits as taxable income), beyond directing them not to send in an amended return yet. It remains to be seen whether states will also extend their tax return due dates for individual households to conform to the IRS’s short-notice extension.
If you have questions and would like to speak with a Plancorp Tax Specialist, click here to schedule a call today.
Sources of Information. We derive our information from a variety of sources we consider reliable, including historical data from fund managers, exchange data, published research, industry digests, news media, and from research provided by our principals and employees, which is proprietary, but we do not guarantee that the information is accurate or complete.
Tax, Legal and Accounting Advice. This material has been provided for informational purposes only. Plancorp does not provide tax, legal or accounting advice and this is not intended as such. Prospective investors and clients should consult with their own tax, legal, accounting, or other advisors to determine the potential benefits, burdens and other consequences of engaging in a particular strategy or transaction.