The IRS has delayed this year's federal tax filing deadline for individuals to May 17, 2021. This change is intended to give taxpayers additional time to meet their tax obligations at a time when many Americans are dealing with financial hardships. There were several other factors that led to the deadline change including the delayed start of filing season, a backlog of still unprocessed returns from last year's delayed filing season, time needed to update forms and systems due to recent changes in the tax code resulting from the American Rescue Plan Act, and additional time incurred by the IRS in processing the latest round of stimulus payments. At present, this change only applies to federal tax filings which are not always the same as state deadlines. While states may follow suit, the IRS urges taxpayers to check with state agencies to ensure deadlines are met.
Based on the extenuating circumstances, the IRS wanted to give taxpayers an extra month to file but with May 15 being a Saturday, the deadline will fall on the following Monday as is customary when a deadline falls on a weekend or a holiday.
We are committed to timely tax filings as well as making sure that our clients are maximizing any new credits for which they are eligible. If you have any questions regarding the deadline change and what it may mean to your personal filing status, please contact your HLB Gross Collins, P.C. representative.