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New Deadline for 2020 Individual Tax Filing – May 17th, 2021

Federal Individual Income Tax Filing Deadline has been extended to May 17, 2021

The Treasury Department and Internal Revenue Service announced on March 17, 2021 (IR 2021-59)  the federal income tax filing due date for individuals for the 2020 tax year will be extended from April 15th, 2021, to May 17th, 2021.  

The Treasury reached their decision based on many requests from lawmakers and taxpayers alike due to the tax law changes resultant from the recently signed American Recovery Plan (ARP) as well as the IRS wanting to help taxpayers through related Covid-19 pandemic issues.

Also extended to individual taxpayers, is the deadline to make federal income tax payments for the 2020 tax year, from April 15, 2021, to May 17, 2021, without penalties and interest.  Keep in mind, penalties, interest and additions to tax will begin to accrue as of May 17, 2021.

There is no need to file any forms if you wait until the May 17th, 2021 deadline.  However, if you still need additional time, past May 17th, 2021, you WILL need to file for a formal extension by filing Form 4868 which extends the deadline to October 15th, 2021 but does NOT grant an extension of time to pay taxes due.  This means, you must pay your 2020 federal income tax due by May 17th, 2021, to avoid interest and penalties, but the entire return can be filed by October 15th, 2021.

This relief does NOT apply to tax year 2021 estimated tax payments due on April 15, 2021. These payments will still be due on April 15, 2021.

Pennsylvania Extends Personal Income Tax Filing Deadline to May 17, 2021

The Pennsylvania Department of Revenue announced the deadline for taxpayers to file their 2020 Pennsylvania personal income tax returns and make final 2020 income tax payments are extended from April 15, 2021 to May 17, 2021.  This announcement follows the US Treasury Department and Internal Revenue Service announcement to extend the federal income tax filing and payment dates as noted above.

If you have any questions about filing deadline changes in other states, please reach out to your contact at Foresight Business Solutions.

Local Jurisdictions Extended Filing Deadlines Update

Certain tax collectors for the local earned income tax returns like Keystone and Berkheimer (most common) will waive any interest and penalties until May 17th, 2020 but are waiting for an announcement of an official change of due date.  We are waiting for final due date confirmations for all tax collectors and will monitor the changes.  Local BPTs will be managed by individual jurisdictions and we are not aware of any changes to these due dates.

What you can expect from Foresight Business Solutions

Our Foresight team will continue to work diligently to complete your tax return in a timely fashion. Please send us your tax documents as soon as possible for the 2020 tax filing season as we move forward together.