The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021.
Though the deadline has been extended, the tax team at Crosslin encourages clients to continue to send in information as soon as possible. This allows our team to complete necessary forms on a timely basis, especially when they are connected to payments or returns that are still due on April 15. If you are due a refund, it is important to get your return filed as quickly as we can.
What is extended to May 17?
• Form 1040 for individual federal income tax return with related payment
• Extension of 1040 with related payment
What is not extended?
• Q1 1040 estimated payments for 2021
• Corporation tax returns
• Q1 business return estimated payments for 2021
• Trusts
• States (unless the states extend separately)
• Anything else due at 4/15
The IRS urges taxpayers who are due a refund to file as soon as possible. Most tax refunds associated with e-filed returns with electronic deposit are issued within 21 days.
For more details from the IRS, click here. As always, contact the tax team at Crosslin with any questions you may have. The new deadline alters things slightly, but we are still forging full steam ahead to serve our customers. Thank you for your business!
