3-22-21 IRS AND NYS ANNOUNCE AUTOMATIC EXTENSION OF DEADLINE TO FILE PERSONAL INCOME TAX RETURNS FOR TAX YEAR 2020

Both the IRS and New York have extended the due date for the filing of personal income tax returns and the payment of related taxes for the 2020 tax year from April 15, 2021 to May 17, 2021. The extension is automatic and no special forms need to be filed in order to be entitled to the extension.

The postponement includes individuals who pay self-employment tax, but does not apply to estimated taxes for the 2021 tax year which are still due April 15, 2021.

Individuals who need additional time beyond May 17, 2021 can request an extension to file until October 15, 2021 provided the 2020 taxes are properly estimated and paid by May 17, 2021 to avoid penalties and interest.

Please reach out to a member of our Tax Practice Group with questions.