The IRS announced in an informal statement that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended to May 17, 2021, from April 15, 2021.
The situation remains fluid and the IRS will be providing formal guidance in the coming days. Unlike last year’s across-the-board extension, this relief initially appears to be much more limited. Whether the relief will be expanded to apply to other taxpayers, tax filings or other time-sensitive actions remains uncertain.
Here is a summary of the key points from the IRS news release:
We encourage you to reach out to your Baker Tilly adviser regarding how any of the above may affect your tax situation.
The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.