IRS Clarifies May 17 Federal Income Tax Filing Extension by Angie Adames, CPA

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Posted on March 30, 2021 by Angie Adames

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The IRS today updated its guidance on the previously announced extension of the federal income tax filing and payment deadlines from April 15 to May 17, 2021. In doing so, the agency has also postponed the following tax deadlines to May 17:

• 2020 contributions to individual retirement accounts (IRAs) and Roth IRAs and reporting and paying the 10 percent additional tax on 2020 distributions from IRAs and 401(k) retirement accounts
• 2020 contributions to health savings accounts (HSAs), Archer Medical Savings Accounts (Archer MSAs) and Coverdell education savings accounts
• Claims for federal income tax refunds from the 2017 tax year
• 2020 federal income tax return filings and payments for U.S. nonresident aliens (Form 1040-NR) and foreign trusts and estates

Taxpayers should note, however, that the IRS has not extended the due date for estimated tax payments, which remain payable by April 15, 2021.

About the Author: Angie Adames, CPA, is an associate director of Tax Services with Berkowitz Pollack Brant Advisors + CPAs, where she provides tax and business consulting services to real estate companies, manufacturers and closely-held entities. She can be reached at the firm’s Miami office at (305) 379-7000 or info@bpbcpa.com.

 

 

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