Yesterday, the Treasury Department & IRS extended the federal tax filing deadline for individuals to May 17, 2021. Here is a link to the complete details: https://www.irs.gov/newsroom/tax-day-for-individuals-extended-to-may-17-treasury-irs-extend-filing-and-payment-deadline
There are three important caveats to this news that clients need to be aware of and work with your CPAs to ensure compliance.
- The IRS extension has no direct impact on a state’s tax filing deadline, so it is important to understand whether your state is making an adjustment.
- If you pay estimated taxes, the April 15, 2021 deadline for the first quarter’s estimated tax payment has NOT CHANGED.
- The IRS previously granted an extension until June 15, 2021 to individuals and businesses impacted by the winter storms in Texas, Oklahoma, and Louisiana. This extension to May 17 does not affect the June deadline for those states.
As always, White Oak does not offer tax advice, so please confirm the specifics of your situation with your CPA.
