Yesterday, the Internal Revenue Service announced that the due date for filing 2020 individual income tax returns, and paying any tax due with the 2020 return, is now Monday, May 17.
At the time of this release, the extended due date applies only to the filing of federal individual income tax returns and payment of any associated 2020 federal tax due. First quarter estimates for 2021 are still due on April 15. No guidance has yet been issued on whether things such as IRA and HSA contributions will have a due date of April 15 or May 17. We recommend that absent specific IRS guidance, clients plan that these contributions are due on April 15.
Additionally, certain other entities and filings that generally have a due date of April 15, such as calendar year-end C Corporations, trusts, gift tax returns, FBAR reporting, etc., have not been granted an extension of time to file. If the IRS issues further guidance that changes the due date for filings other than individual income tax returns, Yeo & Yeo will make you aware of the changes as quickly as possible. Absent further guidance, clients should plan to file or extend all other types of tax returns by April 15.
- To allow your Yeo & Yeo tax professional adequate time to complete your return before the deadline, we ask that you provide your information as quickly as possible and no later than April 1.
- If Yeo & Yeo does not receive your tax documents by April 15, your tax return will be extended.
We will share any changes in tax filing deadlines for State or other returns as they become available.
Visit Yeo & Yeo’s Tax Resource Center for useful links, tax guides, tax articles on our blog, webinars, podcasts and more. Please contact your Yeo & Yeo tax professional with questions or concerns.