Treasury & IRS Extend Federal Individual Income Tax Due Date for 2020 Tax Year; State of Maine Follows Suit

Treasury & IRS Extend Federal Individual Income Tax Due Date for 2020 Tax Year; State of Maine Follows Suit

The Treasury Department and IRS extended the federal individual income tax filing due date for tax year 2020 to May 17, 2021.

Individual taxpayers may also make their 2020 federal income tax payments that would be due on April 15, 2021, including tax on self-employment income, on May 17, 2021, without penalties or interest accruing between April 16, 2021, and May 17, 2021.

This extension does not apply to state tax payments or deposits or payments of any other type of federal tax, including 2021 estimated tax payments. 

“Even with the new deadline, we urge taxpayers to consider filing as soon as possible, especially those who are owed refunds. Filing electronically with direct deposit is the quickest way to get refunds, and it can help some taxpayers more quickly receive any remaining stimulus payments they may be entitled to,” said IRS Commissioner Chuck Rettig.

The IRS will provide formal guidance in the coming days.

The State of Maine also extended the due date for 2020 Maine income tax returns to May 17, 2021. 

Maine Revenue Services will not apply penalties and interest for the period from April 16, 2021, until May 17, 2021, for individuals filing Form 1040ME for the 2020 tax return.

“Aligning Maine’s tax filing and payment deadlines with the Federal government will maintain consistency for Maine people and provide them with valuable added time to handle their taxes,” said Governor Janet Mills

Maine Revenue Services will also provide formal guidance in the coming days.

Many other states are extending the due date as well.

We are monitoring all the states’ reactions to the Federal extension. The following states in New England also followed the IRS by extending the due date for individual returns to May 17, 2021:  Massachusetts, Vermont, Connecticut, and Rhode Island. 

If you have questions, contact me today. Visit our COVID-19 Financial Resource and Tax Center for information on related matters. 

by Holly Ferguson, CPA

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Holly Ferguson joined ARB in 1996 and has been a principal for the firm since 2012. Throughout her career, Holly has provided financial reporting consulting services, assisted with transactional accounting and consulting related to business acquisitions/sales, and analyzed implications and strategic implementation of new accounting standards. As the Practice Leader of ARB’s Accounting & Attest Services Team, she focuses primarily on related services for businesses, manufacturers, credit unions, and nonprofit organizations.

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