IRS Extends Federal Tax Filing Deadline

IRS Extends Federal Tax Filing/Payment Deadline to May 17th

On March 17, 2021, the Treasury Department and IRS announced they are providing a short extension of the deadline for individuals to file their federal income tax returns and pay any 2020 balances due. The extension comes as the IRS continues to face a backlog related to the COVID-19 pandemic and tax law changes recently passed.

According to the announcement, the April 15th due date for filing and 2020 balance due payments is extended one month to May 17, 2021. This relief applies only to individual tax returns and 2020 balance due payments. First quarter estimated payments are not covered by the relief and are still due on April 15, 2021.

The extended due date remains October 15, 2021.

NOTE: A number of states have also extended their tax filing and payment deadlines to coincide with the May 17th extension, including Massachusetts. 

MFA Observations
For taxpayers with a 2020 balance due on April 15, 2021, the extension provides a one-month payment deferral. First quarter estimated payments continue to be due April 15, 2021. Taxpayers expecting an overpayment or refund, however, should consider filing their returns as early as possible, as the IRS continues to experience delays in processing credits and refunds.
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