The IRS recently announced that individual federal income returns for the 2020 tax year due on April 15, 2021, are now due on May 17, 2021. Payments for 2020 can be made without penalties and interest regardless of the amount owed by the new filing deadline. Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021.
You do not need to file any forms to qualify for this automatic federal tax filing and payment relief. If you need additional time to file beyond the new May 17 deadline, Palmetto Global will request an extension for clients until October 15. If you choose, you may also file Form 4868 through the Free File link on IRS.gov. Filing Form 4868 gives you until October 15 to file your 2020 tax return, but does not grant an extension of time to pay taxes due. You should still pay your federal income tax due by May 17, 2021 to avoid interest and penalties.
