IRS Postpones Individual Filing and Payment Due Dates until May 17

March 19, 2021

IRS Postpones Individual Filing and Payment Due Dates until May 17

The IRS 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.
As a result, individual income tax returns may be filed any time on or before to May 17, and the associated balance due payment may be postponed until May 17, even if the return is filed sooner.

This relief does not apply to individual estimated tax payments nor to business, trust, estate, gift, non-profit, or other returns or payments with an April 15 due date, nor is it applicable to payroll or excise tax deposits, payments, or returns.

At this time, there is a lack of guidance and certainty regarding many issues surrounding this relief, including state income tax returns.

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.