Tax Deadline Extended for SOME but NOT ALL Tax Returns and Payments

Mar 19, 2021 | Tax

The IRS announced a change in the deadline for certain federal tax return and payment due dates.  Here is what is extended as of this posting (March 19, 2021):

  • 2020 Individual 1040 returns are now due May 17, 2021
  • 2020 Individual 1040 tax payments are now due May 17, 2021

You can read the announcement here:

What the Announcement Left Out!

Here is what is NOT extended and still due on the normal date:

  • Your 2021 First Quarter Estimated payment is still due April 15, 2021

If your tax is withheld via your W-2 paycheck and you do not make any additional tax payments throughout the year, this will not affect you.  However, if you do make quarterly estimated tax payments, we will still need all of your information early so that we don’t miss this deadline. 

  • 2020 Corporate (C Corp), trusts, estates, and all other non-individual tax returns and payments

All other federal returns are still due on their regular due date.

  • States that have income taxes and require returns and payments have NOT all weighed in on whether they will follow the IRS and move their deadline.  These changes will be in the news over the next few weeks. 

Texas, Oklahoma, and Louisiana have moved their due dates for individual and business tax returns to June 15, 2021 due to the winter storm. You can read about this change here for Texas:  Here is the announcement for Oklahoma: And here is the announcement for Louisiana:

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Bernadette Amos, CEO

As a CPA, I understand that managing the financial aspects of a business can be overwhelming. There are so many different factors to consider, from tracking expenses and revenues to preparing financial statements and tax returns. It can be hard to keep up with everything, especially if you don’t have a background in accounting or finance.

If you’re feeling overwhelmed by the financial aspects of your business, I encourage you to reach out and schedule a discovery call. Together, we can find solutions to lower your stress, avoid any issues with IRS and help you enjoy your business again.