It is official: The Treasury Department and Internal Revenue Service have announced that the due date is now May 17 â€“ not April 15 â€“ for individuals filing for the 2020 tax year.
According to IRS Commissioner Chuck Rettig, the one-month extension was made to help taxpayers navigate this yearâ€™s unusual, pandemic-related circumstances, while also permitting the IRS to work on important tax administration responsibilities.
â€œEven with the new deadline, we urge taxpayers to consider filing as soon as possible, especially those who are owed refunds,â€ he said. â€œFiling electronically with direct deposit is the quickest way to get refunds, and can help some taxpayers more quickly receive any remaining stimulus payments they may be entitled to.â€
Taxpayers also can postpone federal income tax payments for the 2020 tax year due on April 15, 2021 to May 17, 20201, without penalties and interest. This relief does not apply to estimated tax payments that are due on April 15, 2021, which are still due on April 15. In addition, the federal tax filing deadline postponement only applies to individual federal income returns â€“ not state taxes. Taxpayers still need to file income tax returns in states that require them.
The IRSâ€™ complete statement is available here.
For more information, please contact Christina Roderick at 602.730.3607 or Mike Chelius at 505.998.3495.
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