Federal Tax Relief for Individual Filers

The IRS recently announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15th 2021, to May 17th 2021. Individual taxpayers may also postpone federal income tax payments for the 2020 tax year due on April 15th 2021 to May 17th 2021, without penalties and interest regardless of the amount owed.

This postponement applies to individual taxpayers, including individuals who pay self-employment tax. 

Penalties, interest, and additions to tax will begin to accrue on any remaining unpaid balances as of May 17th 2021.  Additional time for filing beyond May 17th, 2021 can be requested by filing an extension until October 15th, 2021 on Form 4868.  Note that this relief does not apply to estimated tax payments that are due on April 15th, 2021.

We will continue to keep you posted on this and other important developments, but please contact your MSPC advisor in the meantime should you have any questions.