New Form PF Requirement & Need For ‘Institutional Readiness’
New Form PF Requirement Underlines The Need For ‘Institu
The Internal Revenue Service (IRS) announced yesterday that the deadline for filing 2020 individual income tax return has been extended to May 17, 2021 (from April 15, 2021). Taxpayers have more time to apply the tax relief and changes contained in recent stimulus legislation (American Rescue Plan).
Individual Income Tax Return Extended to May 17 Key Points
We have mentioned below key points for your consideration:
- No penalties or interest will accrue on 2020 tax obligations prior to the May 17, 2021 deadline.
- Penalties, interest and additions will begin to accrue on any remaining 2020 tax obligations not paid by May 17, 2021.
- This change of federal tax deadline does not extend your state income tax deadline.
- Taxpayers who put their returns on extension will have until October 15, 2021 to file, regardless of this change to the original deadline. However, payment of 2020 taxes are still due on May 17, 2021.
- This extension applies only to individual taxpayers, including those who pay self-employment tax. This is an automatic extension and does not require notifying the IRS or filing any forms.
- Estimated 2021 Q1 tax payments are still due on April 15, 2021.
We encourage taxpayers to file their 2020 tax returns by original due date (April 15, 2021) to avoid confusion between Federal (May 17) and State (April 15) filing deadlines especially those who are due a refund.
Akram will keep you informed of any updates as the IRS issues more guidance or changes to this information. If you have any questions please reach out to us.
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