The Internal Revenue Service 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.
The postponement applies only to individual taxpayers, including individuals who pay self-employment tax. Business, trust, and other returns are not covered.
The postponement does not apply to estimated tax payments that are due on April 15, 2021. These payments are still due on April 15.
Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021.
As of yet, States and localities have not extended their deadlines.
Fairman Financial will continue to monitor and provide updates as more information becomes available. If you have questions about your payment or filing obligations, we would be happy to discuss them with you. Please reach out to your Fairman Group professional or contact our office at 610-889-7300 at your earliest convenience.
Sincerely,
Roy M. Fairman, CPA/PFS, Managing Partner
Marianne Inforzato, CFP®, Partner
Shawn Kindt, CPA/PFS, CFP®, Partner
Doug Morisoli, CPA, CFA, CFP®, Partner
