IRS Extends Federal Tax Filing Deadline for Residents, Businesses in Texas by Karen A. Lake, CPA

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Posted on March 16, 2021 by Karen Lake

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Due to the recent winter storms that crippled much of Texas, the IRS has postponed several federal tax filing and payment deadlines for residents and businesses in the state.

Texans now have until June 15 to file their 2020 personal income tax returns and pay the related tax liabilities, rather than the usual April 15 federal tax-filing deadline. This automatic extension to June 15 also applies to the following federal tax-related obligations:

• 2020 business tax returns that would have been due on March 15;
• 2020 IRA contributions typically due on April 15;
• 2020 fourth-quarter estimated tax payments ordinarily due on April 15;
• Quarterly payroll and excise tax returns normally due on April 30; and
• 2020 tax returns for nonprofit, tax-exempt organizations that would otherwise be due on May 17.

The IRS reminds Texas taxpayers that this relief is automatic. However, should residents or businesses receive a notice from the IRS for a purported delinquent filing or payment penalty, they should call the telephone number on the notice to clarify that the communication from the agency was made in error. In addition, taxpayers that suffered uninsured or unreimbursed disaster-related losses from the winter storm have the option to claim those losses as deductions on their 2020 tax returns or on the 2021 federal returns they will file next year.

About the Author: Karen A. Lake, CPA, is a state and local tax (SALT) specialist and an associate director of Tax Services with Berkowitz Pollack Brant Advisors + CPAs, where she helps individuals and businesses navigate complex federal, state and local tax laws, and credits and incentives. She can be reached at the firm’s Miami office at (305) 379-7000 or info@bpbcpa.com.

 

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