HomeBlogIRS Announces Extension for US Federal Income Tax Filings for Individuals

IRS Announces Extension for US Federal Income Tax Filings for Individuals

All US individuals with April 15, 2021 tax deadlines have had their US federal income tax deadlines for tax filings and extension payments extended from April 15, 2021 to May 17, 2021.

No interest or penalties will be assessed on individual taxpayers if the extension payments are made by May 17, 2021. This relief does not apply to estimated payments (for the 2021 tax year) that are due April 15, 2021. The IRS will be providing formal guidance regarding the extension in the coming days.[1]

Individuals who require additional time to file beyond the May 17 deadline can request an extension to file their return to October 15, 2021. However, any payments made after May 17, 2021 will accrue interest and will be subject to penalties.

US expatriates are more familiar with a June 15, 2021 deadline than an April 15, 2021 deadline as they are granted an automatic two month extension provided to US persons living abroad.

Although the deadline to file tax returns has been extended, individuals are still encouraged to file their returns as soon as possible, especially those who are expecting refunds. Individuals who are entitled to, but did not receive, the 2020 stimulus payments (approx. $1,200 per person with an additional $500 per dependent), can claim the Recovery Rebate Credit on their tax return to get their payment in addition to their tax refund. [2]

The April 15, 2021 corporate tax deadline has not been affected by this announcement. However, corporate taxpayers can request an extension to file their return to October 15, 2021 if they require additional time.

If you have any questions on how the change in tax filings deadlines may affect you, please reach out to one of the following members of the Zeifmans US Tax Team today:

Chaim Rosnercyr@zeifmans.ca | 416.256.4000 ext. 315

Stanley Abrahamsa@zeifmans.ca | 416.256.4000 ext. 356

[1] https://www.irs.gov/newsroom/tax-day-for-individuals-extended-to-may-17-treasury-irs-extend-filing-and-payment-deadline

[2] https://www.irs.gov/newsroom/recovery-rebate-credit

 

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