Last year the Internal Revenue Service (IRS) made history by delaying the tax filing deadline for individual tax returns. In 2021 we may experience similar deadline changes due to COVID-19. On March 17, 2021, the IRS announced in a news release that they decided to postpone the tax filing deadline for your 2020 individual tax returns to May 17, 2021.
The delayed due date for filing individual tax returns also includes a delay for federal income tax payments. According to the IRS, no penalties or late fees will be applied if federal income tax payments are made by Monday, May 17, 2021. While the delayed due date grants individuals an extra month, it is always best to file and pay federal income taxes as soon as possible to avoid the late fees and penalty payments.
It is essential to note the delayed due date only applies to federal individual tax returns. Individuals should still file and pay state income taxes by their due date. Also, this delayed due date does not apply to Corporations. Companies should still file and pay corporation taxes by the April 15 deadline to avoid penalties and late fees.
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