IRS extends tax filing and payment deadline

Market Perspectives March 2021
March 11, 2021
Market Perspectives April 2021
April 9, 2021

By: Ivan Lukic

The Internal Revenue Service (IRS) has extended this year’s federal income tax filing due date from April 15, 2021, to May 17, 2021. This move will give taxpayers more time to adjust for tax-law changes implemented during the pandemic and complete their 2020 tax returns. In addition, individual taxpayers will now have until May 17, 2021 to pay federal income tax payments for the 2020 tax year, instead of the usual April 15 cutoff date. The extension does not apply to estimated tax payments, which are still due on April 15, 2021.

For those who need extra time to file taxes after the May 17th deadline, they can request a filing extension until October 15th by filing Form 4868.

The IRS’s extension on filing and payment deadline only applies to individual federal income returns and tax payments otherwise due April 15, 2021, not state tax payments or payments of any other type of federal tax.

Make sure to reach out to your CPA or tax advisor for any specific tax questions.

For more information, please click here.

Source: https://www.irs.gov/newsroom/tax-day-for-individuals-extended-to-may-17-treasury-irs-extend-filing-and-payment-deadline

Ivan Lukic is a Communications and Client Relationship Associate at Carolinas Investment Consulting.

Carolinas Investment Consulting is not affiliated with any of the websites linked in this commentary. Nothing contained herein constitutes financial, legal, tax, or other advice. The views and opinions expressed in this article are those of the author and do not necessarily reflect the official policy or position of Carolinas Investment Consulting. The information published herein is provided for informational purposes only, and does not constitute an offer, solicitation or recommendation to sell or an offer to buy securities, investment products or investment advisory services. All information, views, opinions and estimates are subject to change or correction without notice. The appropriateness of an investment or strategy will depend on an investor’s circumstances and objectives. These opinions may not fit to your financial status, risk and return preferences. Past performance is not indicative of future returns.

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