On Wednesday, March 17, the Internal Revenue Service and The Treasury Department announced an automatic extension of time to file and pay 2020 Federal individual income tax filings from April 15, 2021, to May 17, 2021. This extension was issued on the heels of the recent American Rescue Plan Act of 2021, which included further stimulus opportunities and enhancements or extensions to other recent stimuli. Read more on the ARPA.
While the one-month extension may seem welcoming, it’s important to note current guidance only provides relief to individual income tax filers towards the 2020 Form 1040 returns and income tax payments due. This extension does not apply to:
- 1st quarter 2021 individual estimated income tax payments;
- Trust returns;
- Gift returns; and/or
- State filings.
These returns and any payments are presumably still due April 15, 2021.
We will continue to monitor any updates as additional guidance becomes available. Please contact us with any questions or concerns.