Tax Filing Deadline Extended for 2021
Tax Day is, unfortunately, approaching faster than I would like. Typically, the tax filing deadline is April 15. But like all things, this year's deadline has changed due to COVID-19. The deadline has been pushed over a month from the original deadline.
According to CNBC, the new tax filing deadline for 2021 is Monday, May 17. This will give taxpayers more time to file and pay for taxes. If you do have to pay the Internal Revenue Service (IRS), you can delay the payment of any money owed until May 17. An extension can also be requested for returns until October 15. You will need to file form 4868.
House Ways and Means Oversight Subcommittee Chairman Bill Pascrell Jr said, “This extension is absolutely necessary to give Americans some needed flexibility in a time of unprecedented crisis," according to CNBC.
CNBC reports that the extended tax filing deadline applies only to federal income returns and taxes. This means that taxpayers still need to check to see if the tax filing due dates for their state taxes have been changed. As of the writing of this article, on March 18, 2021, it is unclear if the New York State tax filing deadline has been postponed.
According to CNBC, many accountants are still waiting on guidance from the IRS. They reportedly need guidance on multiple items that will impact this tax season. Taxes are said to be extra important this year because it could be the only way to receive stimulus payments you are eligible for but did not receive.