IRS Provides Additional Information Regarding the Postponement of Individual Filing and Payment Due Dates
The IRS recently announced that the 2020 federal income tax filing and payment due date for individuals will be automatically postponed from April 15, 2021, to May 17, 2021.
The IRS later announced that certain other acts, such as making IRA contributions and filing claims for refund have also been postponed beyond the normal April 15 due date. Additionally, the IRS confirmed that foreign trusts and estates with federal income tax filing or payment obligations, that file Form 1040-NR, now have until May 17 to file and pay.
Finally, the IRS clarified that this postponement applied to all schedules, returns, and other forms that are filed as attachments to a Form 1040 or are required to be filed by the due date of a Form 1010, including, for example, Schedule H and Schedule SE, as well as Forms 965-A, 3520, 5329, 5471, 8621, 8858, 8865, 8915-E, and 8938. It also applies to the 965 installment payments originally due April 15 by individual taxpayers who file a Form 1040.
Cherry Bekaert is focused on meeting our client commitments by preparing individual income tax returns and extensions in the month of April.
Filing early provides possible advantages such as receipt of refunds, cash flow planning, first quarter estimated tax payment calculations, and state income tax return preparation. Accordingly, Cherry Bekaert strongly encourages its clients to prepare and file all individual income tax returns as soon as practical, even if the payment of any tax due is postponed until May 17.