The IRS has announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. In addition, Individual tax payers can postpone federal income tax payments for the 2020 tax year until May 17 without penalties and interest. This includes individuals who pay self-employment tax. The relief does not apply to estimated tax payments that remain due on April 15.
North Carolina is also extending the April 15 filing tax deadline to May 17. No penalties will be charged for payments made by May 17; however, tax payments made after April 15 will accrue interest until the date of payment.
Individuals and businesses impacted by the winter storms in Texas, Oklahoma, and Louisiana were previously granted an extension by the IRS to June 15, 2021.
We encourage White Oak clients who are eligible to contribute to their IRAs to do so as soon as possible. The deadline for contributing to an IRA for 2020 is still April 15th. If you are mailing a check for a prior year contribution close to the deadline, please call Priestley at (828) 274-7844 for steps to ensure your contribution will be received in good order and credited for 2020.
