INDIVIDUAL TAX FILING EXTENSION
March 23, 2021 |
For the second consecutive year, we have an extension in the tax filing and payment deadline. On March 17, 2021, the IRS extended the individual income tax filing and payment deadline from April 15, 2021 to May 17, 2021. This year’s extension is not a blanket extension for all returns like we experienced last year. This year’s extension applies only to individual income tax returns. It is important to note that first quarter 2021 estimated tax payments are also still due April 15, 2021.
Pennsylvania announced on March 18, 2021 that the state would follow the federal tax filing and payment deadline by extending the due date for individual income tax returns to May 17, 2021. Generally, local income tax follows Pennsylvania state income tax. Many local tax agencies across the state have officially announced an extended tax return filing and payment due date of May 17, 2021, while others have delayed interest and penalties until May 17, 2021. To be clear, there is no extension for the first quarter 2021 estimated tax payments — they are still due April 15, 2021 for Pennsylvania and local income tax.
We know that you may have questions as to how this change affects your personal tax return. Please read the scenarios below for more details.
If you already filed your tax returns and have a balance due:
- And paid your balances due and first quarter estimates, no action is required.
- But you did not pay your balances due, you now have until May 17, 2021 to make your payment due with the filing of the returns. Remember that any federal, PA, or local estimates are still due April 15, 2021.
If you sent Simon Lever your 2020 tax information, but your tax returns have not been filed, please reach out to your personal Simon Lever advisor about how this extension impacts the preparation and filing of your individual income tax returns. While our advisors will be working diligently to communicate timely and effectively, it is important to note that we have multiple priorities this year, including tax legislation retroactive to 2020 and assistance with various COVID relief funding opportunities, such as the employee retention tax credit and payroll protection program loans.
If you have not yet sent Simon Lever your 2020 tax information, please provide us with your tax information as soon as possible so we can begin preparing your tax returns and determine how this extension will impact the preparation and filing of your individual income tax returns.
We will continue to monitor guidance and provide updates as new information is released. Thank you for the opportunity to serve you.