Tax Alert: IRS Extends Additional Tax Deadlines for Individuals to May 17, 2021
The IRS has recently announced that individuals have until May 17, 2021 to meet certain tax deadlines that would normally fall on April 15. This extension includes the filing of all schedules, returns, and other forms that are filed as attachments to the Form 1040 series or are required to be filed by the due date of the Form 1040 including but not limited to:
- Schedule H (household help)
- Schedule SE (self-employment tax)
- Certain foreign reporting forms (3520, 5471, 8621, 8858, 8865)
This postponement also automatically pushes the deadline to May 17, 2021 for Affected Taxpayers to make 2020 contributions to:
- IRAs and Roth IRAs
- Health Saving Accounts (HSAs)
- Archer Medical Savings Accounts
- Coverdell Education Savings Accounts
This extension also automatically postpones to May 17, 2021 the deadline for reporting and payment of the 10-percent additional tax on amounts includible in gross income from 2020 distributions from IRAs or workplace-based retirement plans.
The period beginning on April 15, 2021, and ending on May 17, 2021, will be disregarded in the calculation of any interest, penalty, or addition to tax for failure to file the Federal income tax returns or to pay Federal income taxes.
The IRS notice does not extend the time for filing, payment or deposit of any other type of Federal tax, including Federal estimated income tax payments.
Individuals with unclaimed refunds or credits for a period of Federal income tax expiring on or after April 15, 2021, and before May 17, 2021, have until May 17, 2021 to file those claims for credit or refund. This postponement is limited to claims for credit or refund properly filed on the Form 1040 series or on a Form 1040-X.
The IRS did not extend the due date for 2021 estimated income tax payments which are still due April 15, 2021.
Sax will continue to update you as further details are made available. Reach out to your Sax advisor or email [email protected] with questions. For more and on-going information relative to your state and business, visit Sax’s COVID-19 Resource Center.