Acknowledging that the COVID-19 pandemic continues to present challenges for taxpayers, the IRS on March 17 announced in IR-2021-59 that it is automatically extending the individual income tax filing and payment deadline for the 2020 tax year from April 15 to May 17. The agency said that it will be providing formal guidance in the next few days.
Following the recent disaster declaration issued by the Federal Emergency Management Agency (FEMA), the IRS also announced that it was providing relief for victims of the February winter storms who reside or have a business in Louisiana (LA-2021-02), Oklahoma (OK-2021-01), and Texas (TX-2021-02) by extending the individual and business income tax filing and payment deadline for the 2020 tax year to June 15. The May 17 filing due date and payment deadline announced in IR-2021-59 does not affect the June 15 deadline relating to the disaster relief.
In announcing the deadline extensions, the IRS signaled that it will be providing additional detail in the near future. It is important for taxpayers to continue to monitor developments in this area and watch for any updates affecting upcoming tax filings.