The IRS and Treasury Department announced that the 2020 tax year federal income filing date for individuals is being automatically extended. In accordance with these difficult times, the IRS wishes to do all that they can to help taxpayers. This e is intended to help taxpayers keep up with their responsibilities.
According to the IRS, the deadline has been extended from April 15 to May 17. There will be no penalties or interest despite the amount owed. This applies to individuals who pay self-employment tax as well. This extension is automatically being applied to individual taxpayers and does not require forms to qualify. Despite the extension, taxpayers are still urged to file as soon as possible. The IRS promised formal guidance in the coming days following this extension. Because of the winter storm, residents of Texas, Louisiana and Oklahoma have an extra extension to June 15, 2021.
If you need help with your 2020 taxes, please contact Lakeesha Browne, CPA.
“Tax Day for Individuals Extended to May 17: Treasury, IRS Extend Filing and Payment Deadline.” IRS, 17 Mar. 2021, https://www.irs.gov/newsroom/tax-day-for-individuals-extended-to-may-17-treasury-irs-extend-filing-and-payment-deadline
Accessed 22 Mar. 2021.