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.
Hayashi Wayland will continue to work toward completing all returns before the original deadline of April 15, 2021. This will allow our clients to make their first quarter estimated tax payments on time, if necessary. If we do not receive your complete tax information by March 26th, we may need to file for an extension to complete your tax return subsequent to the extended May 15 deadline. We encourage you to submit your information as soon as it is complete and ready for us to begin preparing your return.
We will keep you posted as more details are made available. You can find the specifics of the IRS announcement here.
As always, please do not hesitate to contact the HW partner or team member you work with for assistance or with any questions you may have.