Last updated: March 18, 2021
Lurie is closely following the latest Internal Revenue Service press release, stating that the Treasury Department and the IRS will delay the 2021 individual federal tax filing deadline to May 17. While it gives taxpayers and the IRS more time, it is not yet known if states will conform to the new federal tax filing deadline.
As of now, your state tax filing deadline of April 15 may remain the same. We recommend that you still organize and send in all documents as originally planned. Please contact your CPA or Lurie advisor for further guidance.
What is extended?
According to the IRS, 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. The federal tax filing deadline postponement to May 17, 2021, only applies to individual federal income returns and tax payments otherwise due April 15, 2021.
There is no extension of:
- Any non-individual tax filings due April 15 (such as calendar C-Corporations or Trusts).
- Tax payments for 2021 first-quarter estimates.
- State tax payments or deposits.
- Currently, no further guidance has been issued that extends deadlines to fund IRAs and HSAs past 4/15.
The IRS and Treasury Department’s decision comes following the passage of the $1.9 trillion American Rescue Plan, which included another round of stimulus payments while also processing tax returns and refunds.
Please check back to our website for the latest updates and information.