| On March 17, 2021, the Treasury Department and Internal Revenue Service (IRS) announced that the federal income tax filing due date for individuals will be automatically extended from April 15, 2021 to May 17, 2021. Individual taxpayers can also postpone federal income tax payments for balances due for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed. Please note this relief does not apply to estimated tax payments that are due on April 15, 2021. These payments are still due on April 15. At this time, state tax return due dates may or may not have been adjusted depending on respective state legislation. The extension of the due date applies to individual income tax returns only. Trust and corporate return filings and payments are still due April 15. “While we appreciate the IRS’ recognition that a filing deadline postponement is indeed necessary, the announcement is far too selective in who is receiving relief,” said AICPA President and CEO Barry Melancon, CPA, CGMA. “In fact, the taxpayers who are most likely to benefit from this additional time are taxpayers who are able to meet the original filing deadline.” MSA strives to deliver dependable tax services to you in a timely manner. Unfortunately, continued complications regarding the economic stimulus payments, PPP loans, Employee Retention Credit, and other relief measures will impact our ability to finalize tax returns as quickly as we have done in prior years. Therefore, we are advising you to submit your tax information that is necessary to prepare your tax return(s) as soon as possible. Please click here to read more about this extended deadline. Source: Internal Revenue Service |
