The ongoing coronavirus pandemic continues to impact the Internal Revenue Service and tax filing season. When this year opened, expectations were that the traditional April 15 filing date would stand after an automatic extension was installed last year. However, a similar move was recently made for this season in order to benefit both the IRS and taxpayers.
After an onslaught of returns and processing difficulties due to COVID closures and restrictions last year, the IRS commissioner says he hopes to clear tax refund backlog by summer
. The newly implemented extension for this filing season will assist with this measure as centers begin operating at more of a standard capacity.
One month has been added to the original filing deadline for individuals this tax season. However, since, May 15 falls on the weekend, the new tax day for 2021 is currently Monday, May 17. This automatic extension applies to individual filers and gives both tax preparers and payers extra time in order to not only submit their return but also any corresponding payments which may be due.
Despite the delay, filing for an official extension remains possible for all taxpayers. This option is applicable for only the time allotted to submit a return as any perceived payments must still be submitted at the original deadline - now, May 17. For those wishing to take advantage of the new date, no additional paperwork is required but the formal six-month extension, with a due date of October 15, remains in place and does require a formal request.
Estimated Tax Due Date
For self-employed individuals and those who make estimated tax payments the April 15 date still serves as a notice for first-quarter payment submissions. Just because the tax filing deadline has been extended, these payments currently remain due as originally scheduled.
Most states elected to also align their return due dates to correspond with that of the federal requirement last year. As expected, states will likely extend their deadlines to match dates again this season but taxpayers should continue to monitor their existing due dates when deciding to file.
If you’re ready to file a return or need help determining exactly when items are due, then let the tax professionals at Bloch Rothman and Associates
assist you today. In addition to providing answers to all of your tax questions, they can also take care of multiple other issues dealing with paying or owing back taxes, required audits signaled by either the IRS or an outside agency, or any other personal or corporate wealth management issues. Along with providing a quality tax service, our group can also complete all types of returns or answer any other factors associated with financial issues or concerns you may have. Serving Denver and all of the surrounding areas for 35 years, our firm has an extensive history in helping clients with any and all of their tax issues or dealings with the Internal Revenue Service. If you have questions about your personal, business, estate, or any other filings, don’t hesitate to contact us
today. Available for all of your tax needs, there are also a number of bookkeeping and payroll services offered to assist you and your business. We look forward to meeting you and providing the type of service you can rely on whatever your needs may be very soon!