IRS Updates Tax Filing Date for Tax Year 2020
As many Americans expected, and hoped, the IRS moved the federal individual tax filing and payment deadlines from April 15, 2021 to May 17, 2021. In order to support transferees and assignees affected by the pandemic, Ineo Tax Services continues to do everything in its power to help relocating employees navigate the unusual circumstances and tax changes related to the pandemic.
Please note, even though the federal individual tax filing deadline has been moved, each state still has its own, unique, filing deadlines that need to be adhered to. Ineo’s mobility tax team is here to ensure that you are filing your returns according to both your state deadlines and the federal deadlines as the two deadlines can differ.
A few additional points to note:
- Taxpayers can postpone federal income tax payments for tax year 2020, originally due on April 15, 2021, to May 17, 2021, without penalties and/or interest, regardless of the amount owed.
- This postponement applies to individual taxpayers, including those who pay self-employment tax.
- Just like in years past, penalties and interest will start to accrue on any outstanding, unpaid, taxes as of May 17, 2021.
- This relief does not apply to estimated tax payments that are still due on April 15, 2021.
For additional information pertaining to the filing deadline being extended, please visit the IRS website.
Ineo’s team of mobility tax experts can help your assignees and transferees with individual tax preparation and consultations on how to navigate a relocation or assignment during the pandemic. We also advise employees on the impact their recent relocation may have on stimulus benefits and eligibility. Schedule a call with us today to receive a quote and let us share how we can support you and your employees navigate these changes.