On March 17, 2021, the IRS released a statement indicating the April 15 deadline for individual taxpayers would be extended to May 17. The IRS statement can be found here.
Unlike the July 15 extension provided last year, this extension only pertains to individual Form 1040 filings. It does not apply to 2021 first quarter estimates due by April 15, nor does the extension appear to apply to trust income tax filings (Form 1041), nor C Corporation income tax filings (Form 1120). The news release indicates formal guidance will be issued in the coming days. It is important to note that this IRS extension does not apply to any state income tax return filings, only the federal Form 1040 filing.
Our goal is to provide exemplary client service and ensure we cover all possible income tax related filings (including state filings and estimates) for all of our valued clients. To that end, we continue to work towards the April 15 date as our target for completion of federal and state individual filings, trust filings, and C Corporation filings. For the individual federal tax filings, completion by April 15 does not preclude us from choosing to file by the later May 17 date, but gives us an opportunity to work with you to decide to file earlier or wait.
If you have any questions or concerns, please contact your Nathan Wechsler & Co advisor.