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TAX ALERT: IRS Extends Federal Income Tax Filing Deadline for Individuals

By Denise Felber, CPA, Tax Partner

The Treasury Department and the IRS recently announced that the federal income tax filing deadline for individuals will be postponed to May 17, 2021 from April 15, 2021. Unless you have heard otherwise from a HoganTaylor Tax professional, it is still the intention of the Firm to complete individual filings by the original April 15 deadline.

The federal income tax deadline extension is just the latest in a series of shifts to federal and state deadlines this year. In this alert, you will learn more about these shifts, how they came to pass, and where we go from here.

Traditional Tax Deadlines

With absolute certainty, the due dates for filing federal returns and paying taxes for calendar year taxpayers were:

  • March 15 for corporations,
  • April 15 for all the other taxpayers except nonprofits,
  • April 15 for first quarter estimates,
  • May 15 for nonprofits,
  • With an optional six-month extension for filing the forms.
  • Due dates for state filings varied.

With the Surface Transportation Act of 2015,

  • Corporate due dates became April 15 (original) and October 15 (extended),
  • Partnership and S Corporation due dates moved to March 15 (original) and September 15 (extended),
  • Trusts returns were still due on April 15 (original), but the extended due date became September 30,
  • Estimated tax payment dates remained the same, and
  • States may have changed their due dates.

With all the complications of COVID-19 for the 2020 filing season (2019 returns),

  • All due dates for federal tax filings, elections and payments were moved to July 15, 2020,
  • The extended due dates remained the same,
  • The states were not required to change their dates, and
  • We are still answering notices regarding missing and late filings and payments.

 With Winter Storm Uri in February 2021, Texas, Louisiana, and Oklahoma were declared disaster areas.

  • For businesses and residents of those states,
  • Due dates of any federal forms, elections, and payments due from February 7 to June 14
  • Were moved to June 15, with
  • Extended due dates remaining the same, and
  • Oklahoma and Texas tax commissions agreeing to follow the change. Louisiana did not.

With the passage of the $1.9 trillion dollar relief bill in March 2021 and the lingering effects of Covid-19,

  • For individual residents of the states besides Texas, Louisiana, and Oklahoma,
  • Due dates for 2020 federal forms and payments normally due April 15, 2021
  • Have been moved to May 17, 2021, with
  • Extended due dates remain the same,
  • However, first quarter estimates for 2021 are still due April 15, and
  • States are not required to follow the Federal changes.

Cautions, Warnings and Confusion

States:

  • Some state due dates are based upon the federal due dates,
  • Some states have their own extension form,
  • Others automatically extend if a federal extension is filed,
  • Taxpayers with state reporting and payment requirements,
  • Must investigate the filing requirements of those states.

Notices abound from the 2020 filing season, Our Advice

  • File early,
  • File electronically if you can, and
  • If you mail anything to the IRS or states, file certified.

Our world is not back to “Normal” yet but please know we are continuing to watch and post information as it is available.  Contact us if you have questions.