The Department of the Treasury and IRS announced yesterday that the federal income tax filing due date for individuals for the 2020 tax year will be extended from April 15, 2021, to May 17, 2021. The IRS will be providing additional guidance in the coming days. Although this extension applies broadly to individual taxpayers, the benefit of the extension will be limited to a narrow segment of the population.
Taxpayers do not have to request an extension for the one-month delay, but if returns are not filed by May 17, they must file for an extension by that date. Please note that the due date of the 2021 first quarter estimated tax payment remains April 15, 2021 and has not been extended.
The March 15 filing deadline for calendar-year Partnerships and S Corporations was not extended, nor was the April 15 filing deadline for C Corporations, Trusts, or nonprofit entities.