Federal and State Tax Filing Deadlines Extended to May 17
On Wednesday, the IRS and Treasury Department announced that the 2020 federal income tax filing due date for individual taxpayers has been extended from April 15, 2021 to May 17, 2021. Governor Pritzker followed suit yesterday, announcing that Illinois would extend its state income tax filing deadline to May 17 as well, and many other states took similar actions.
On the federal side, the new deadline covers federal income tax payments for the 2020 tax year as well, and applies to all individual taxpayers, including those who pay self-employment tax. Taxpayers who need additional time may request a filing extension until October 15 by filing Form 4868 through their tax professional, tax software or using the Free File link on the IRS website. However, filing Form 4868 does not grant an extension of time to pay taxes due.
Moreover, the relief does not apply to estimated tax payments – both federal and state – which remain due on April 15, 2021. Also, 2020 returns for trusts and C-corporations are still due April 15, 2021. For further details, please feel free to contact your Weiss tax professional.
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