Tax Day Extended for Many, But Not All Individuals

03/19/2021

Tax Day Extended for Many, But Not All Individuals image

Overview

The Treasury Department and Internal Revenue Service (IRS) announced Wednesday, March 17th that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021 to May 17, 2021

What Should You Know?

Here is what the postponement means for individuals:

1.   Individual taxpayers can postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest. Penalties and interest will begin to accrue on any remaining unpaid balances as of May 17, 2021.

2.   Individual taxpayers who need additional time to file beyond the May 17 deadline can request a filing extension until Oct. 15. Taxpayers should pay their federal income tax due by May 17, 2021to avoid interest and penalties.

3.   The Franchise Tax Board (FTB) today announced that, consistent with the Internal Revenue Service, it has postponed the state tax filing and payment deadline for individual taxpayers to May 17, 2021.

4.   This relief does not apply to estimated tax payments that are due on April 15, 2021. These payments are still due on April 15.

California Accounting is on top of the latest tax news. Our local of team of CPAs, accounting and tax professionals are here to help! We can be reached at 916.721.4357 and our team can help you take advantage of all tax savings opportunities available to you and your family. Contact us today!

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