- Federal individual tax return (Form 1040) has been extended: what to expect, how to plan ahead, and when to file
- New Yorkers: will NYS extend the state filing deadline?
The IRS has released a statement confirming media rumors of an extended tax season:
“The federal income tax filing due date 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.”
IRS Commissioner, Chuck Rettig, said in the news release that individuals are still encouraged to file sooner rather than later:
“Even with the new deadline, we urge taxpayers to consider filing as soon as possible, especially those who are owed refunds. Filing electronically with direct deposit is the quickest way to get refunds, and it can help some taxpayers more quickly receive any remaining stimulus payments they may be entitled to.”
Currently, (most) state tax returns and first-quarter estimates are still due on April 15th.
The automatic extension only applies to federal individual tax returns. Several states (TX, LA, and OK, so far) have already been granted extended deadlines, whose dates will remain unaffected by this new ruling. New Yorkers will have to await official state guidance but can expect that the state return deadline will follow suit for May 17th.
First-quarter estimate payments currently also remain on track for April 15th.
DSJCPA encourages clients to reach out to their tax accountant sooner than later to begin work on their return. Earlier filing can mean earlier access to refunds, benefits, and stimulus payments—so don’t delay! Call our offices at 516-541-6549 and visit our website for more information and COVID-19 news updates.
Associate, Creative Solutions
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