On March 17th, the IRS announced that the individual income tax filing due date for 2021 has been extended from April 15th to May 17th. Payment of individuals’ 2020 taxes can also be delayed until May 17th without penalties and interest.
While this decision is welcome, we at Janover will continue to respect the April 15th due date for several reasons:
- Currently, this extension is limited; states and local returns and payments are still due on the regular due date until they come up with a similar announcement;
- 2021 first quarter individual tax estimates are still currently due April 15th;
- Getting 2020 tax compliance behind us will allow us to advise and consult with our clients and focus on adding value to the services we provide;
- In order to maintain the high level quality of our services, it is important that our staff are given periods to “recharge”.
If you have any questions, please contact your Janover professional.