Covid-19 – Irs Extends 2020 Individual Tax Return Filing and Payment Dates

The Internal Revenue Service (“IRS” or the “Service”) announced yesterday that it was extending the filing and payment deadlines for individual 2020 tax returns and federal tax payments for 2020 due on April 15, 2021 to May 17, 2021. In its announcement, the IRS said it would be providing formal guidance in the days to come.

The Service also emphasized, however, that the extension does not apply to estimated tax payments for 2021 that are due on April 15, 2021. It is also important to be aware of the following:

• The extension does not apply to S corporation or partnership tax returns, both of which were due on March 15 (unless the S corporation or partnership filed a request for extension of time to file);
• The extension also does not apply to C corporation tax returns, which are still due on April 15 (unless the C corporation requests an extension);
• The extension is equally inapplicable to deposits or payments of any type of federal tax other than payments of federal individual income tax for 2020;
• The IRS-provided winter storm disaster relief for the states of Louisiana, Oklahoma, and Texas, which extended various filing and payment deadlines for those states to June 15, 2021, is unaffected by this May 17 extension; and
• Finally, the IRS’ announcement also mentioned that it does not apply to due dates for state tax returns and payments or deposits of state tax. Clients should keep an eye out for whether their states decide to grant extensions of their own.

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