Tax Deadline for Individuals Extended to May 17th
The Treasury department and Internal revenue service announced that the federal income tax deadline for individuals for the 2020 tax year will be automatically extended from April 15, 2021 to May 17, 2021. The IRS will be providing formal guidance in the coming days.
Individual taxpayers can also 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. This relief does not apply to estimated tax payments that are due on April 15, 2021. These payments are still due on April 15.
The federal tax deadline postponement only applies to individual federal income returns and tax payments, not state tax payments. State filing and payment deadlines vary and are not always the same as the federal filing deadline. Maryland has already extended its filing deadline to July 15th. You can read more on Maryland’s decision to extend the deadline here. For additional states, the IRS urges taxpayers to check with their state tax agencies for additional details.
More information on the IRS’ decision can be found here.