The IRS recently announced an extended filing deadline for 2020 Federal returns for individuals (and couples) from April 15th to May 17th.Mar 2021
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We are writing with an important update regarding changes to the filing deadline for 2020 tax returns.
WHAT ARE THE NEW DEADLINES?
- The IRS recently announced an extended filing deadline for 2020 Federal returns for individuals (and couples) from April 15th to May 17th.
- This means that taxpayers now have an additional month to file returns and pay any taxes owed without penalty.
- The extension is automatically available to all individual taxpayers for their 2020 income tax returns.
- The Massachusetts Department of Revenue (DOR) has also extended the filing deadline for State returns to May 17th.
- While most states have also extended the deadline, if you are not a tax client of Howland Capital and you file a state return outside Massachusetts, please check your state filing deadline.
- The extension applies only to individuals and couples, not to trust tax returns.
WHAT SHOULD I DO NOW?
- If you have already filed your return, or we have on your behalf, you do not have to do anything.
- If HCM prepares your taxes and you have NOT submitted information needed to prepare your return, please do so as soon as possible.
- We encourage our tax clients to use the Tax Caddy software to share information with us. You will need to register using the email link previously sent to you. (HINT: if you don’t see the registration email please check your “Junk” folder).
- While it is human nature to take more time when granted, we are still working hard to complete returns ahead of the final due date wherever possible.
DOES THE NEW DEADLINE APPLY TO 2021 ESTIMATED TAX PAYMENTS?
- No. As of now, the due date for the first quarter of 2021 remains April 15th (although this may change) – all the more reason to get your 2020 return done so you don’t overpay an estimate.
WILL THIS AFFECT MY REFUND?
- No. The IRS will continue to process returns and issue refunds as normal.
As always, please reach out to your tax preparer and/or portfolio manager with any questions.27