Ann Carrns, in her New York Times article, discuss the need to double-check state deadlines for tax filing, as not all of them have adopted the federal deadline extension; the extension also only pertains to filing individual federal returns, not first-quarter estimated deadlines. The article, “The Tax Filing Deadline Was Delayed, but Read the Fine Print,” includes the following commentary:
The deadline to file a 2020 individual federal return and pay any tax owed has been extended to May 17, about a month later than the typical April deadline. The Treasury Department and the Internal Revenue Service moved the date to give filers, tax preparers and the I.R.S. itself more time to adjust to disruptions from the coronavirus pandemic.
Most states are following the extended federal deadlines, and a few have adopted even more generous extensions.
But the I.R.S. has not postponed the deadline for making first-quarter 2021 estimated tax payments, as it did last year when it delayed Tax Day because of the pandemic. This year, the first estimated tax deadline remains April 15. Some members of Congress are pushing for the I.R.S. to reconcile the deadlines, but it’s unclear whether that will happen, with April 15 less than a week away.
To view the full article, click here: “The Tax Filing Deadline Was Delayed, but Read the Fine Print”
Posted by Elise Kim, Managing Associate Editor, Wealth Strategies Journal.