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Tax Filing Deadline Extended to May 17, 2021

Hello,

Please see this timely announcement:

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

On March 17th, 2021, the IRS announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.

Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed. This postponement applies to individual taxpayers, including those who pay self-employment tax. Individual taxpayers do not need to file any forms or call the IRS to qualify for this automatic federal tax filing and payment relief. Taxpayers who need additional time to file beyond the May 17th  deadline can request a filing extension until October 15, 2021 by filing Form 4868 through their tax professional, tax software, or using the Free File link on IRS.gov.

This relief does not apply to the 1st quarterly estimated tax payments for tax year 2021, that are still due on April 15, 2021.

State Tax Returns

The May 17, 2021 extension only applies to individual federal income returns due April 15, 2021. State filing and payment deadlines vary and are not always the same as the federal filing deadline. The IRS urges taxpayers to check with their state tax agencies for those details.

California will also extend the state tax filing and payment deadline for individuals to May 17th, 2021, similar to the federal tax filing and payment deadline extension. The California extension does not apply to estimated tax payments due on April 15, 2021.

Please consult your CPA for further guidance if appropriate.

Warmly,

Akemi Dalvi

This commentary on this website reflects the personal opinions, viewpoints and analyses of the Kondo Wealth Advisors, Inc.  employees providing such comments, and should not be regarded as a description of advisory services provided by Kondo Wealth Advisors, Inc.  or performance returns of any Kondo Wealth Advisors, Inc.  Investments client. The views reflected in the commentary are subject to change at any time without notice. Nothing on this website constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Kondo Wealth Advisors, Inc. manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.

 

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