Individual Tax Return Deadline Postponed

In March, the IRS announced that it is postponing the deadline for all individual tax returns. Returns normally due April 15 will not have to be filed until May 17 this year.

Most states, including Wisconsin, Illinois, and Michigan, have followed the IRS and moved the deadline for their income tax returns to May 17 as well.

The postponement applies only to individual taxpayers, who can postpone their income tax returns and income tax payments due on April 15 until May 17, 2021. Taxpayers do not have to file Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, to qualify for this postponement. Taxpayers who request an extension using Form 4868 will, as usual, have until Oct. 15 to file their returns, but their tax payments will be due May 17.

No interest, penalty, or addition to tax for failure to file a federal (and applicable state) income tax return or to pay federal (and applicable state) income taxes will accrue between April 15, 2021, and May 17, 2021, for any return or payment postponed by the announcement.

The postponement does not apply to estimated income tax payments due April 15, 2021, for the 2021 tax year. You still need to make your first quarter estimated tax payments by April 15. If you miss the April 15 deadline, send your payment in immediately.

What does this mean for the preparation of your tax returns by PPG Partners?

We’d still like to complete your tax returns as soon as possible! Please don’t hold off on sending in your information simply because the deadline has been postponed. Even if you are waiting on a piece of information or two, we can still get started on the items that you have.

Not only would we like to complete your returns as soon as possible, but the IRS has a backlog of tax returns and refunds to process. If you’re expecting a refund, you’ll want to file as soon as possible to minimize the delay in getting your refund.