New Tax Day Deadline: Monday, May 17, 2021 But 2021 Estimated Payments Still Due April 15

  • by:
  • Source: Forbes
  • 04/09/2021
It’s official: The Internal Revenue Service has pushed the April 15 tax day deadline to May 17. That means that individuals can postpone filing—and paying—2020 taxes until then. But watch out: The new May 17 due date doesn’t apply to everyone.

“Even with the new deadline, we urge taxpayers to consider filing as soon as possible, especially those who are owed refunds. Filing electronically with direct deposit is the quickest way to get refunds, and it can help some taxpayers more quickly receive any remaining stimulus payments they may be entitled to,” said IRS Commissioner Charles Rettig in the IRS announcement.

“This extension is absolutely necessary to give Americans some needed flexibility in a time of unprecedented crisis,” said U.S. Rep. Bill Pascrell Jr., the chairman of the House Ways & Means Subcommittee on Oversight, in a statement about the push to make tax day later this year due to the pandemic and law changes.

Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021, the IRS warned. It appears as if the extension does not apply to trust income tax returns or gift and estate tax returns, says Robert Keebler, a CPA in Green Bay, Wisconsin. So the current assumption is that those returns for the 2020 tax year are all still due on April 15, 2021. Also, the relief is not extended to the 2021 tax filing season, so for taxpayers who pay into the system via estimated tax payments including many retirees and gig workers, the first estimated tax payment deadline of April 15 is still in place. Texas storm victims have until June 15 to file and pay.

The IRS started the filing season late, on February 12, as it was sending out Round 2 stimulus payments and reprogramming systems with tax law changes from the year-end Covid relief package. By March 5, the IRS had already sent out 36 million tax refunds, but that number was down 31.6% from the same time last year. Returns received were down 18%, and total returns processed down 25%, according to IRS filing statistics. 
 
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