On March 17, 2021, the IRS announced that the federal individual income tax filing due date for 2020 returns will be automatically extended from April 15, 2021 to May 17, 2021. Formal IRS guidance will be issued shortly.
The extended due date also applies to the tax payment due with the individual return. No interest or penalties will accrue for tax payments that were due on April 15, 2021 if they were paid by May 17, 2021. However, any required 1stquarter 2021 estimated tax payment still must be paid by April 15, 2021.
A taxpayer may still file an extension request by May 17, 2021 to extend their return filing deadline to October 15, 2021. Any balance due with the return must be paid with the extension request by May 17, 2021.
The extended due date of May 17, 2021 only applies to individual returns. All other return types will continue to be subject to their normal filing due date. For example, a corporate calendar year taxpayer must either file their return or an extension request by April 15, 2021.
The California Franchise Tax Board (FTB) has announced conformity to the IRS extended return filing and payment due date of May 17, 2021 for individual taxpayers. Like IRS, the FTB announcement does not allow a payment extension of the California 1st quarter 2021 estimated tax payment, which remains due on April 15, 2021.
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