2020 Tax Returns – Update on New Deadlines
IRS extends additional tax deadlines for individuals to May 17
IR-2021-67, March 29, 2021
WASHINGTON — The Internal Revenue Service today announced that individuals have until May 17, 2021 to meet certain deadlines that would normally fall on April 15, such as making IRA contributions and filing certain claims for refund.
This follows a previous announcement from the IRS on March 17, that the federal income tax filing due date for individuals for the 2020 tax year was extended from April 15, 2021, to May 17, 2021. Notice 2021-21 PDF provides details on the additional tax deadlines which have been postponed until May 17.
Time to make contributions to IRAs and health savings accounts extended to May 17
In extending the deadline to file Form 1040 series returns to May 17, the IRS is automatically postponing to the same date the time for individuals to make 2020 contributions to their individual retirement arrangements (IRAs and Roth IRAs), health savings accounts (HSAs), Archer Medical Savings Accounts (Archer MSAs), and Coverdell education savings accounts (Coverdell ESAs). This postponement also automatically postpones to May 17, 2021, the time for reporting and payment of the 10% additional tax on amounts includible in gross income from 2020 distributions from IRAs or workplace-based retirement plans. Notice 2021-21 also postpones the due date for Form 5498 series returns related to these accounts to June 30, 2021.
2017 unclaimed refunds – deadline extended to May 17
For tax year 2017 Federal income tax returns, the normal April 15 deadline to claim a refund has also been extended to May 17, 2021. The law provides a three-year window of opportunity to claim a refund. If taxpayers do not file a return within three years, the money becomes property of the U.S. Treasury. The law requires taxpayers to properly address, mail and ensure the tax return is postmarked by the May 17, 2021, date.
Additionally, foreign trusts and estates with federal income tax filing or payment obligations, who file Form 1040-NR, now have until May 17, 2021.
Estimated tax payment due April 15
Notice 2021-21, issued today does not alter the April 15, 2021, deadline for estimated tax payments; these payments are still due on April 15. Taxes must be paid as taxpayers earn or receive income during the year, either through withholding or estimated tax payments. In general, estimated tax payments are made quarterly to the IRS by people whose income isn’t subject to income tax withholding, including self-employment income, interest, dividends, alimony or rental income. Most taxpayers automatically have their taxes withheld from their paychecks and submitted to the IRS by their employer.
Updates regarding tax relief as a result of the COVID-19 pandemic can be found at IRS.gov.
The IRS and North Carolina have changed the Tax filing deadline for Returns for Tax Year 2019
Federal tax deadline is extended to 07-15-2020. All penalties and interest waived.
IRA Contribution Deadline Extended to July 15, 2020
“As a result of the Coronavirus Disease (COVID-19) pandemic, the due date for filing federal income tax returns and making federal income tax payments due April 15, 2020 is automatically postponed to July 15, 2020. Affected taxpayers do not have to file Forms 4868 or 7004. Taxpayers also have until July 15, 2020 to make their IRA contributions.”
The NC state tax deadline: Filling and payment for corporate income and franchise taxes, individual income tax returns, partnership tax returns, estates and trusts tax returns, is extended to July 15th. Penalties have been waived. These changes do not apply to trust taxes, such as sales and use or withholding taxes.
Taxpayers that need additional time to file beyond the July 15th deadline can submit a request for an additional extension with the IRS or with the NC Department of Revenue on or before July 15, 2020. Find the official notice from the NCDOR here: NCDOR Expands Penalty Relief
UPDATE 05/04/2020: Governor Cooper has signed legislation, Senate Bill 704: COVID-19 Recovery Act. This bill directs the Department of Revenue (DOR) to waive the accrual of interest on any individual income, corporate or franchise tax returns for the period from April 15, 2020 through July 15, 2020.
Senate Bill 704: COVID-19 Recovery Act also:
- Extends the dates for filing certain refund claims. Any claim for a refund of income or franchise taxes, which would otherwise be due between April 15, 2020 and July 15, 2020 would otherwise be considered timely if filed by July 15, 2020.
- Extends the deadlines for taking certain actions in connection with tax appeal proceedings. Any filings required to be made after April 1, 2020 and before July 15, 2020 would be considered timely if filed by July 15, 2020.
NC Annual Reports and fees due on April 15, 2020 will not be considered delinquent until after June 15th. (This applies to corporate and some partnership entities with a fiscal year ending Dec. 31, 2019, and all LLCs)
All States: To find out the new tax deadline for your state: State tax deadline chart
UPDATED 04-11-2020:
IR-2020-66, April 9, 2020
WASHINGTON — To help taxpayers, the Department of Treasury and the Internal Revenue Service announced today that Notice 2020-23(PDF) extends additional key tax deadlines for individuals and businesses.
Extension of time to file beyond July 15
Individual taxpayers who need additional time to file beyond the July 15 deadline can request an extension to Oct. 15, 2020, by filing Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Businesses who need additional time must file Form 7004. An extension to file is not an extension to pay any taxes owed. Taxpayers requesting additional time to file should estimate their tax liability and pay any taxes owed by the July 15, 2020, deadline to avoid additional interest and penalties.
Estimated Tax Payments
Besides the April 15 estimated tax payment previously extended, today’s notice also extends relief to estimated tax payments due June 15, 2020. This means that any individual or corporation that has a quarterly estimated tax payment due on or after April 1, 2020, and before July 15th, can wait until July 15 to make that payment, without penalty.
Make your federal estimated tax payment: IRS Payment Portal
Make your North Carolina estimated tax payment: NC Estimated Tax Payment Portal
2016 unclaimed refunds – deadline extended to July 15
For 2016 tax returns, the normal April 15 deadline to claim a refund has also been extended to July 15, 2020. The law provides a three-year window of opportunity to claim a refund. If taxpayers do not file a return within three years, the money becomes property of the U.S. Treasury. The law requires taxpayers to properly address, mail and ensure the tax return is postmarked by the July 15, 2020, date.
IRS.gov assistance 24/7
IRS live telephone assistance is currently unavailable due to COVID-19. Normal operations will resume when possible. Tax help is available 24 hours a day on IRS.gov. The IRS website offers a variety of online tools to help taxpayers answer common tax questions. For example, taxpayers can search the Interactive Tax Assistant, Tax Topics, Frequently Asked Questions, and Tax Trails to get answers to common questions. For more on this topic, click here: IRS Operations During COVID-19
IRS People First Initiative
The new IRS People First Initiative provides immediate relief to help people facing uncertainty over taxes. The changes include issues ranging from postponing certain payments related to Installment Agreements and Offers in Compromise to collection and limiting certain enforcement actions. Follow this link for all the information: IRS People First Initiative
Check on your Tax Refund
To check the status of your refund click here: Where’s My Refund
Please visit IRS for more information.
Please visit NC Department of Revenue for more information.
Please visit the NC Secretary of the State for more information.
