IRS Deadline Extension
March 18, 2021In a news release, IR-2021-59, issued yesterday, March 17, the IRS announced that it is extending the 2021 tax filing deadline for individuals to May 17, 2021. Payments of individuals’ 2020 taxes can also be delayed until May 17 without penalties and interest.
While this announcement is welcome, the relief it provides is very limited. In particular:
- Estimated taxes for 2021 that were due April 15 may not be delayed - they are still due April 15.
- Taxpayers other than individuals, such as estates, trusts and corporations, that are required to file returns on April 15, are not granted any extension. (Partnership returns generally are due on March 15, and no extensions were granted for them.)
- State and local tax returns and payments are still due on the regular due date (unless states begin announcing similar extensions).
It is possible that further relief will be announced by the IRS, as well as by states that may track the changes made at the federal level. We will keep you informed as we learn of new developments.
If you have any questions, please contact a member of the Tax Department.
Louis Tuchman at +1 212 592 1490 or [email protected]
Fred R. Green at +1 212 592 5910 or [email protected]
Zachary M. Feit at +1 212 592 1489 or [email protected]
© 2021 Herrick, Feinstein LLP. This information is provided to keep clients and interested parties informed of legal developments that may affect or interest them. The information is not intended as legal advice or legal opinion and should not be construed as such.