Tax Deadline Moved to May 17th

What This Means For You:

The Treasury Department and Internal Revenue Service announced yesterday that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended to May 17, 2021.

All taxpayers now have an extra month to pay, without interest or penalties. But those expecting refunds should file as soon as possible. The May 17th filing date is automatic. Extensions will not need to be filed unless you need time beyond May 17th.

Please note: this relief does not apply to estimated tax payments that are due on April 15, 2021. Taxes must be paid as taxpayers earn or receive income during the year, either through withholding or estimated tax payments. Additionally, C Corporations, trust returns and gift tax returns are currently not extended. These are still due on April 15th.

The IRS will be providing formal guidance in the coming days.

Next Steps:

Maryland has announced that they will extend the state filing date until July 15th. However, please note that not all states have announced if they will comply with extensions. Therefore, for our clients impacted by this current situation, we continue to monitor their status.

KatzAbosch is still working and operating to file individual and business information in a timely manner. We will continue to monitor the situation as the IRS releases more guidance.

As a reminder, KatzAbosch does offer various secure electronic options to deliver documents to us during tax time. Please contact your KatzAbosch representative if you are not currently enrolled in any of our electronic file-sharing systems and wish to do so. They will work with you to select the best electronic option for you. If you do not recall your KatzAbosch representative, please dial our main number: 410.828.2727 and we would be happy to connect you.

If you have questions or concerns on how this may impact your situation, please contact your KatzAbosch representative, or contact us by clicking here.

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