2020 Individual Income Tax Filing and Payment Deadlines Extended

2020 Federal Individual Income Tax Filing and Payment Deadlines Extended

The IRS issued a press release Wednesday indicating that the 2020 federal income tax filing due date for individuals will be automatically extended from April 15, 2021 to May 17, 2021. The IRS will be providing formal guidance in the coming days.  

Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021 to May 17, 2021 without incurring penalties or interest, regardless of the amount owed. 

Please note that this extension does not currently apply to first quarter 2021 estimated tax payments, which remain due on April 15, 2021. 

The full press release can be found here: https://www.irs.gov/newsroom/tax-day-for-individuals-extended-to-may-17-treasury-irs-extend-filing-and-payment-deadline 

2020 California Individual Income Tax Filing and Payment Deadlines Extended

The California Franchise Tax Board (FTB) has also announced that, similar to the federal tax filling and payment deadline extension, the FTB will also extend the 2020 California individual income tax return and payment deadlines to May 17, 2021. 

The FTB also clarifies that first quarter 2021 estimated tax payments remain due on April 15, 2021. 

Please note that each state will separately determine whether they will conform to the federal automatic extension. As of the time of this writing, few states have released guidance on such conformity.  

Our team will continue monitoring the ever-changing guidance from the federal and state taxing authorities, and provide you with relevant updates. 

We kindly ask our clients to gather and provide their tax data as soon as possible so that we may evaluate and prepare your 2020 tax calculations and extensions in a manner that best fits your individual and unique fact pattern. 

Sincerely,

Spott, Lucey & Wall