Is the tax deadline extended for your 2020 taxes?

The IRS announced the federal income tax filing deadline for individuals for the 2020 tax year is extended from April 15, 2021, until Monday, May 17, 2021. This postponement applies to many individual tax filers but there are details and exceptions that you need to know.

File as soon as possible

Be aware that this extended deadline is optional. If you are ready to file, send your information to Kirsch CPA Group via the Secure File Upload on the Kirsch Website to have your tax return prepared. You’ll want to file as soon as possible — especially if you are due a refund or your 2020 income was less than 2019.

The estimated payment deadline is not extended

This relief doesn’t apply to estimated tax payments that are due on April 15, 2021. These payments are still due on that date. This includes self-employment income, interest, dividends, prize winnings, alimony, and rental income. Taxes must be paid as taxpayers earn or receive income during the year. The first quarter estimated tax payments are calculated as we prepare your 2020 tax return. If you pay estimates, please upload your documents to the Secure File Upload on the Kirsch website.

Not all State tax returns are included

Be aware that the federal tax filing deadline postponement to May 17, 2021, applies to only individual federal income returns and tax payments otherwise due April 15, 2021. It doesn’t apply to state tax payments or deposits or payments of any other type of federal tax. We are closely monitoring which states extend the due date.

Trust, Gift tax and other returns are not extended

The tax year 2020 filings and payments for any other tax/taxpayer types, such as for C corporations (Form 1120), trusts (Form 1041) or gift tax returns (Form 709) are not extended. Please upload your information to Kirsch as soon as possible.

Extended deadline details

All documents must be received by Kirsch by April 1, 2021. If you need additional time to file beyond the May 17 deadline, you can request a filing extension until October 15. Contact your Kirsch client service manager. at 513-858-6040. Filing an extension gives you until October 15 to file your 2020 tax return but doesn’t grant you an extension of time to pay taxes due. You should pay the federal income tax due by May 17, 2021, to avoid interest and penalties.

Contact us to learn more about the tax deadline