The IRS announced late yesterday that the tax filing due date for the individual Form 1040 is extended to May 17th. This automatic extension also applies to any balance due with the 2020 Form 1040, regardless of the amount owed. It does not, however, apply to the first quarter estimated tax payment for 2021 due on April 15th. It also does not apply to Forms 1041 and Forms 1120 due on April 15th. At this time, it only applies to individual taxpayers, including individuals who pay self-employment tax.
Individuals do not need to file a form or otherwise contact the IRS to take advantage of this Form 1040 extension.
We need guidance from state and local jurisdictions on whether or not they will follow this IRS individual extension.
There may be changes to this information as the filing season progresses as there were last year when the filing deadline was extended, so we will keep you up to date on any developments.
We are working with our clients to determine the best way to handle these changes in each individual situation. If you have questions about how this affects your income tax situation, please contact your Strothman+Co representative. Don’t wait – We urge our clients to send us tax information as soon as possible so that we can determine the proper filing and payment requirements to avoid penalty and interest.
