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Good news for taxpayers who may need more time to file their taxes this year. On March 17, the Treasury Department and Internal Revenue Service announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021.
Individual taxpayers can also postpone federal income tax payments from the 2020 tax year due April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the interest owed. This postponement applies to individual taxpayers, including individuals who pay self-employment tax.
Penalties, interest, and additions will begin to accrue if taxes are not paid on or before May 17.
Individual taxpayers don’t need to file any forms or call the IRS to qualify for this automatic federal tax filing payment relief.
IRS Commissioner Chuck Rettig says, “Even with the new deadline, we urge taxpayers to consider filing as soon as possible, especially those who are owed refunds. Filing electronically can help some taxpayers more quickly receive any remaining stimulus payments they may be entitled to.”
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