| Due to the Internal Revenue Service’s (IRS) backlog related to the COVID-19 pandemic and tax law changes recently passed since the start of the pandemic, the Treasury Department and IRS announced on March 17, 2021, that they are providing a short extension of the deadline for individuals to file their federal income tax returns and pay any 2020 balance due. According to the announcement, the April 15, 2021, due date for filing and 2020 balance due payments is extended one month to May 17, 2021. This relief applies only to individual tax returns and 2020 balance due payments. The April 15, 2021, first quarter estimated payments are not covered by the relief. The extended due date remains October 15, 2021, for returns originally due April 15, 2021. For taxpayers with a 2020 balance due on April 15, 2021, the extension does provide a one-month payment deferral. First quarter estimated payments continue to be due April 15, 2021. Taxpayers expecting an overpayment or refund, however, should consider filing their returns as early as possible, as the IRS continues to experience delays in processing credits and refunds. PA UPDATE: The Department of Revenue today (March 18, 2021) announced the deadline for taxpayers to file their 2020 Pennsylvania personal income tax returns and make final 2020 income tax payments is extended to May 17, 2021. This means taxpayers will have an additional month to file from the original deadline of April 15. LOCAL TAX RETURNS: As of this email, local tax collectors in Pennsylvania have NOT changed the filing deadline to May 17. We will be monitoring this situation and provide updates as they become available. Although the federal and state government has extended the tax filing deadline, we ask that you please provide your advisor with your tax information as soon as possible in case there are any underlying issues, and so we can ensure your tax service needs are met in a timely manner. If you have any questions or concerns about this extended tax deadline, please contact your Urish Popeck advisor. |