On March 17, 2021, the Treasury Department and the Internal Revenue Service released IR-2021-59, announcing that federal income tax filing due date for individuals for Tax Year 2020 is extended by a month, from April 15, 2021 to May 17, 2021. The postponing of the due date comes in response to concern for taxpayers affected by “the unusual circumstances related to the pandemic,” said IRS Commissioner, Chuck Rettig.
This move applies to self-employed individuals as well. However, this relief does not apply to estimated tax payments, which are still due on April 15th. Interest, penalties, and additions to taxes will begin to accrue on any remaining unpaid balances, beginning on May 17, 2021
The IRS is encouraging all taxpayers to file as early as possible, especially those who expect to receive a refund, using direct deposit when possible. This will ensure taxpayers receive stimulus payments in a timely manner.
SPS/GZ is closely monitoring IRS announcements and releases. The IRS will provide additional guidance in the coming days. We will continue to keep you informed as information becomes available.
Keep in mind that this postponement applies to federal tax returns only. Please check with individual states to see when appropriate state tax returns and payments are due.
SPS/GZ is a full-service tax reporting firm that provides personalized service and exceptional support, utilizing state-of-the-art technology to create and e-file Affordable Care Act tax forms, Forms 1099, and Forms 3921 and 3922. Reach out today at firstname.lastname@example.org or call at (888)375-3049. Our solution allows companies to simply upload their data file to our secure portal in a few easy steps and we handle everything else.