Less than one month ahead of the traditional date, the IRS has delayed the deadline for filing and paying taxes. The new deadline is May 17, 2021. This new deadline also applies to making 2020 contributions to IRAs and Roth IRAs, health savings accounts (HSAs), and Coverdell education savings accounts (Coverdell ESAs).1,2,3
The delay follows continued disruption from the COVID-19 pandemic and a late start to the tax-filing season, which the IRS delayed to start on February 12. It also follows the agency's decision to postpone the deadline to June 15 for the states of Louisiana, Oklahoma, and Texas, still recovering from disastrous winter storm activity. Other states may now extend their local filing and payment deadlines.1,3
This relief does not apply to estimated tax payments that are due on April 15, 2021. These payments are still due on April 15.3
While this extension isn't unexpected, it may be welcome to many still coping with what is becoming one of the most complicated tax seasons in decades.
It’s important to point out that our letter is for informational purposes only, so make sure to consult your tax, legal, and accounting professionals before modifying your tax-filing strategy.
If you have any questions about how this may affect our normal course of business, or any other matter, I welcome you to get in touch.
1. CNBC.com, March 17, 2021
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite, LLC, is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security.
IRS Delays Tax Filing, Payment Deadlines
| April 07, 2021