03/30/2021
Hey everyone,
The IRS released further guidance yesterday regarding the extension of the individual income tax return deadline to 5/17/21.
You can read the IRS white paper here (https://www.irs.gov/newsroom/irs-extends-additional-tax-deadlines-for-individuals-to-may-17) or if you are like me, you might find the information summarized in bullet points below helpful.
Please note: the Minnesota Department of Revenue also extended the tax deadline to 5/17/21 for your MN individual income tax returns and any 2020 balance of tax due. If you are required to file in any other states, please check that applicable state's current laws.
1. The 5/17/21 due date is only if you file IRS Form 1040. If you file any other type of return this information is not relevant to you.
2. You have until 5/17/21 to file your Federal Form 1040 and pay (if applicable) any balance due. Interest and penalties will begin to accrue on 5/18/21 if you do not pay your 2020 tax due and/or file your return.
3. You don’t need to file any separate form with the IRS to get the extension of time to 5/17/21.
4. If you make contributions to an IRA, ROTH IRA, Health Savings Account, Archer Medical Savings accounts (Archer MSAs), or coverall educations savings account, you now have until 5/17/21 to cut the check and make the deposit to the account to have it count towards the 2020 filing period.
5. Quarter 1 - 2021 Estimated tax payments are still due by 4/15/21. That’s right, if you can’t get your 2020 taxes done by the 4/15/21, the IRS & Minnesota still expect you to be able to figure out and begin calculating your 2021 tax liabilities and payments =) If you are an employee on a W2 and that is your only income, this point is probably not relevant to you. If you own a small business and it’s structured as a disregarded entity (Schedule C), S-Corp, or Partnership, and has taxable income, this point probably hits home.
IR-2021-67, March 29, 2021 — The Internal Revenue Service today announced that individuals have until May 17, 2021 to meet certain deadlines that would normally fall on April 15, such as making IRA contributions and filing certain claims for refund.
