May 17 Tax Deadline 2021: 5 Things Taxpayers Need to Know About the IRS Change

The Treasury Department and the Internal Revenue Service (IRS) announced on Wednesday that they are delaying the tax deadline (2021) by about a month this year.

Stacks of coins hold up wooden blocks that spell out "TAX."

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In a statement, the duo said the tax-filing due date for individuals for the 2020 tax year will be extended from April 15 to May 17. They also added that the IRS will have to issue more guidance to the public in the coming days.

“This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities,” IRS Commissioner Chuck Rettig said.

Here is what else you need to know about this major change to the IRS tax deadline 2021.

  • Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15 to May 17, “without penalties and interest, regardless of the amount owed.”
  • Along with individual taxpayers, this delay also applies to people who pay a self-employment tax.
  • However, “the relief does not apply to the first-quarter 2021 estimated tax payments that many small business owners owe…”
  • Thus, these payments are still due on April 15.
  • Additionally, individual taxpayers don’t have to file any forms or contact the IRS to be eligible for this automatic extension.
  • The IRS also pushed back last year’s deadline due to the novel coronavirus disruption.

On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article. 

Nick Clarkson is a web editor at InvestorPlace.


Article printed from InvestorPlace Media, https://investorplace.com/2021/03/may-17-tax-deadline-2021-5-things-taxpayers-need-to-know-about-the-irs-change/.

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