The IRS announced on Wednesday that it will push back the tax return filing and payment deadlines for individuals to May 17 from April 15 partly due to the new $1.9 trillion relief law and its impacts on 2020 individual income taxes. We emphasize that this extended deadline is only for individuals, and not partnerships, corporations, or other filing entities. It also does not apply to paying estimated first quarter 2021 taxes, if you happen to fall in that category. Of course this is the case for now, but all could change in the next coming days. Regardless, the deadline for individuals will not revert to any date sooner than May 17.
What is relieving, and interesting for a tax professional, is that individuals can also delay paying taxes due on April 15 until May 17. Traditionally, extended deadlines apply to filing returns, but not paying taxes due. Penalties and interest will not start to accrue on unpaid balances until May 17.