IRS Extends Individual Filing Date to May 17

March 18, 2021

By Richard Shapiro

In a release dated March 17, 2021, the IRS announced that it is extending the federal income tax filing date for individuals for the 2020 tax year to Monday, May 17, 2021. This is an automatic extension; there is no need to file any forms or call the IRS to qualify for this extension.

This automatic extension is for both filing and payment relief. Individuals can postpone federal income tax payments for the 2020 tax year due on April 15, 2021 to May 17, 2021, without penalties and interest regardless of the amount owed. This postponement applies to individual taxpayers, including individuals who pay self-employment tax. Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021. Individual taxpayers automatically avoid interest and penalties on the taxes paid by May 17.

Individual taxpayers who need additional time to file beyond the new May 17 deadline can request an extension until October 15 by filing Form 4868. Filing Form 4868 does not grant an extension of time to pay taxes due.

Please note that this relief does not apply to estimated taxes that are due on April 15, 2021. These payments are still due on April 15.

Also, this relief does not apply to state tax payments or deposits or any other type of federal tax. The various state and local tax authorities will need to decide whether or not to conform their own filing and payment rules to the federal postponement.

The IRS expects to provide formal guidance shortly. EisnerAmper will keep you informed of new developments regarding the 2020 tax year filing and payment deadlines.

About Richard J. Shapiro

Richard Shapiro, Tax Director and member of EisnerAmper Financial Services Group, has more than 40 years' experience in federal income taxation, including the taxation of financial instruments and transactions, both domestic and international.