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Federal Tax Filing And Payment Deadline Extension

Federal Tax Filing and Payment Deadline Extension

#ICYMI: The federal tax filing deadline has been extended to May 17, 2021. While you now have more time, we still encourage all taxpayers to file their taxes now to get their refund as soon as possible.

If you live in Texas, Oklahoma, and Louisiana, the IRS has extended the federal tax deadline to June 15, 2021 due to severe storms.

In case you did not get a stimulus payment, or only received a partial stimulus payment, you should claim the Recovery Rebate Credit when filing your tax return, at this point, this may be the only way to get that additional money you did not receive in 2020.

Key points

  • You do not need to file an extension past April 15, because the May 17 extension will be applied automatically.
  • The IRS expects to continue to process refunds as normal, but please keep in mind that the agency has a backlog of nearly seven million tax returns that have not been processed for weeks, slowing refunds as it implements new stimulus. So we encourage all taxpayers to file now.
  • The extended deadline also applies to 2020 tax payments. Meaning, if you owe money to the IRS, you will have some extra time to pay the agency by deferring tax payments for 2020, interest and penalty free until May 17. This deferment does not apply to business tax filings, but only to individual taxpayers.
  • Please note that this extension does not apply to first and second quarter 2021 estimated income tax payment deadlines. Those remain April 15, and June 15 2021.
  • In case you need additional time, beyond May 17, you can file an extension, which gives you until October 15, 2020 to file your taxes, but any taxes owed must be paid by May 17. Otherwise, you will be subject to penalties and interests. If you cannot pay the full amount owed, we recommend to schedule an installment plan. Please contact us for options.
  • Sole proprietors filing a Form 1040 with a Schedule C, your taxes are due on May 17, 2021.
  • For Partnership, your taxes were due on March 15, 2021, unless you filed an extension.
  • For S Corporations, you taxes were due on March 15, 2021, unless you filed an extension.
  • For C Corporations, your taxes are due on April 15.
  • Remember that the IRS offers automatic extensions for business or individuals that need additional time.

While many state tax deadlines will also change to May 17th, here are the tax deadline updates by state as March 19, 2021

Alabama – May 17

The tax filing deadline for individual returns in Alabama will be May 17, 2021. The state will waive late-payment penalties for payments made by May 17th. However, interest will accrue on any payments paid after April 15, 2021.

Alaska – June 16

Alaska corporate income tax returns are due within 30 days of the federal due date. With the IRS extending the federal deadline to May 17th, corporate tax returns would then be due by June 16, 2021. Alaska does not have individual state taxes.

California – May 17

California extended the state filing and payment deadline for individuals to May 17, 2021. This extension does not apply to estimated tax payments due on April 15, 2021 or business tax returns.

Colorado – May 17

Colorado extended its individual state income tax payment and filing deadline to May 17, 2021. Individuals will have the option to pay any 2020 income tax payments by May 17, 2021 without penalty or interest. This extension does not apply to business tax returns, and estimated payments for the 2021 income tax year due for individuals and corporations on April 15, 2021.  

Connecticut – May 17

Connecticut extended the filing and payment deadline for individual income tax returns to Monday, May 17th, 2021, but does not apply to estimated tax payments or business tax returns.

Delaware – May 17

Delaware extended the filing and payment deadline for Delaware individual income tax returns to May 17, 2021, but it does not apply to estimated tax payments or business tax returns.

Illinois – May 17 

Illinois extended the individual income tax filing and payment deadline to May 17, 2021, but it does not apply to business tax returns, or estimated tax payments that are due on April 15, 2021.

Kentucky – May 17

Kentucky extended the deadline for individual income tax filing and payments to May 17, 2021. Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021. This extension only applies to individual taxpayers and does not apply to estimated tax payments or business returns.

Louisiana – June 15

The Louisiana state tax deadline has been extended to June 15. This extended due date is for individual income, corporation income and franchise, fiduciary income, partnership and partnership composite tax returns and payments with original or extended due dates on or after February 11, 2021 and before June 14, 2021. For excise, sales, severance and withholding tax returns and payments due on or after February 11, 2021 and on or before February 28, 2021 have a due date of March 31, 2021. The IRS has extended the federal tax deadline for Louisiana residents to June 15 due to the severe winter storms.

Maine – May 17 

Maine extended the deadline for individual income tax return and individual tax payments to May 17, 2021, but it does not apply to corporate tax returns, payments, individual and corporate estimated tax payments. These estimated payments will remain due on April 15, 2021.

Maryland  – July 15

The new tax deadline is now July 15, 2021. The extension applies to 2020 individual, corporate, pass-through entity, and fiduciary tax returns. It also includes 1st and 2nd quarter estimated payments that are typically due one April 15, 2021 and 2nd quarter estimated payments that are typically due on June 15, 2021 now have a deadline of July 15, 2021.

Montana – May 17

Montana new deadline to file 2020 individual income tax returns is May 17, 2021. Montana taxpayers who file by May 17 will not have to worry about interest or penalties, but it does not apply to quarterly estimated payments.

Nebraska – May 17

Nebraska extended the deadline for individual income tax returns to May 17, 2021, but it does not include estimated payments or business tax returns.

New Mexico – May 17

New Mexico extended the deadline for filing and paying 2020 Personal Income taxes to May 17, 2021, but it does not apply to business tax returns or estimated payments.

North Carolina – May 17

North Carolina extended the time for filing individual income tax to May 17, 2021, but it does not apply to business tax returns.. The state will not charge penalties for those filing and paying their taxes by May 17, 2021. However, tax payments received after April 15 will be charged interest accruing from April 15 until the date of payment. This extension does not apply to trust taxes, sales and use, or withholdings taxes or estimated payments due on April 15, 2021.

North Dakota – May 17 

The deadline for North Dakota individual tax return filing and payments has also been extended to May 17, 2021 without penalty and interest, but it does not apply to business tax returns, or estimated tax payments due on April 15, 2021.

Oklahoma – June 15 (Individual and Business Payments deadline)

The individual and business payments tax deadline for Oklahoma has been extended to June 15 to provide relief to those affected by the severe winter storms. It also includes first quarter estimated tax payments.

Oregon – May 17 

Oregon extended the tax filing and payment deadline for individuals to May 17, but it does not apply to estimated tax payments or business returns.

Pennsylvania – May 17 

Pennsylvania extended the deadline for individual income tax return filings and payments to May 17, 2021, but it does not apply to business tax returns, or  estimated tax payments due on April 15, 2021.

South Carolina – May 17 

South Carolina extended the deadline for individual income tax return filings and payments to May 17, 2021, but it does not apply to estimated tax payments due April 15, 2021.

Texas – June 15 (franchise tax deadline)

Texas extended the franchise tax deadline from May 15 to June 15, to provide relief to those affected by the severe winter storms. This is in line with the federal extension for Texas residents.

Texas does not have individual state taxes.

Vermont – May 17 

Vermont extended the deadline for taxpayers to file their 2020 personal income tax return and pay any tax owed to May 17, 2021 without any penalties or interest. This extension also applies to Homestead Declarations and Property Tax Credit Claims allowing taxpayers to file these with their personal income tax return by May 17 without penalty or interest. This extension does not apply to any estimated payments due on April 15, 2021. This extension also does not apply to business tax returns.

Washington D.C. – May 17

D.C. extended the state filing and payment deadline for individuals to May 17, 2021, but it does not apply to estimated tax payments or business tax returns.

West Virginia – May 17 

West Virginia extended the state filing and payment deadline for individuals to May 17, 2021, but it does not apply to estimated tax payments or business tax returns.

Wisconsin – May 17 

Wisconsin extended the individual income tax return filing and payment deadline to May 17, 2021, but it does not apply to any other return or tax payments due, or 2021 estimated tax payments for individuals due April 15, 2021.

Have any questions? Feel free to contact us here.

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