By Gregory Bilecki, Senior Accountant

On Wednesday, March 17th, the IRS pushed back the tax filing deadline for individuals in a nationwide extension, an effort to further drive pandemic related relief. This means that for those individual taxpayers who file tax returns to the federal government on or by April 15th have all been granted an automatic one-month extension of the filing deadline, with the ability to now file and pay their federal taxes one month later, May 17th.

As of the date of this article, states have largely not responded to this decision by the IRS yet. Thus, taxpayers should monitor all applicable state and local filing deadlines and due dates over the next week to verify these jurisdictions have been extended as well, and always consider filing as soon as possible.

What’s included with the New Federal Tax Deadline?

• Additional guidance has not been provided yet on federal quarterly estimated payment due dates past Q1, due on April 15th. This means that as of now, Q1 federal estimates which were traditionally due on April 15th are still due on this day. Until federal guidance is released for the remaining quarters, it’s best to assume original due dates are in place as well for now.
  
• As the new federal “Tax Day” (April 15th) due date is now May 17th, this means that the related late filing and non/late payment penalties and interest that normally begins to accrue after April 15th will now begin to accrue these related charges after May 17th.
  
• For those filing federal 4868 extensions due on April 15th, keep in mind that this does not change the due date for the 6-month extension itself. This means that if your original filing due date was April 15th for example, your extended due date will remain October 15th. 

Please be sure to check our website for additional details as they are released, as well as IRS.gov for all up-to-date reporting information.

Please contact our team as soon as possible to ensure timely filing of your return