19 Mar 2021
2020 US Individual Tax Return Due Date Extended
The US tax extension deadline is now May 17, 2021, for US individual tax returns.
On March 17, 2021, the IRS announced this new date as an automatic extension of the filing and payment due dates for 2020 individual tax returns. This announcement came in response to calls by lawmakers and accounting professionals and in consideration of the American Rescue Plan enacted on March 11, 2021.
Some tax changes affect the 2020 tax year retroactively and the additional time allows tax professionals and tax software companies to incorporate these changes to 2020 tax returns yet to be prepared.
This US tax extension deadline does not apply to estimated tax payments that are due April 15, 2021, or corporate and entity tax returns.
The IRS encourages taxpayers to file their tax returns as soon as possible, especially for those who are expecting refunds and those who would receive the 3rd round of Economic Impact Payments (EIP), if they qualify based on their 2020 income, but not on 2019 income.
If you require additional time to file your tax return, the additional extension to October 15, 2021, is available by filing Form 4868.
For state tax returns, make sure to check each state's due date as they may or may not conform to the Federal due date.
Manning Elliott Is Here to Help
Speak to your US tax advisor if you have any questions regarding 2020 US Individual Tax Returns or the US tax extension deadline. Please contact the Manning Elliott Tax Team by submitting a contact form inquiry.
This content is believed to be accurate as of the date of posting. Tax laws are complex and are subject to frequent change. Professional advice should be sought before implementing any tax planning. Manning Elliott LLP cannot accept any liability for the tax consequences that may result from acting based on the information contained therein.