Update: Ohio Extends Tax Deadline to May 17th March 18, 2021

kpg headshot, fraud warningsIRS Extends Tax Deadline to May 17th
By: Kyle P. Graham

The Internal Revenue Service (IRS) announced Wednesday that the deadline to file individual federal income tax returns for the 2020 tax year has been automatically extended from April 15, 2021 to May 17, 2021.  Individual taxpayers may also postpone federal income tax payments for the 2020 tax year until May 17, 2021 without incurring penalties or interest.  Penalties, interest, and additions to tax will begin to accrue on unpaid balances as of May 17, 2021.

This extension is automatic and individual taxpayers do not need to file any forms or contact the IRS to qualify.  Individual taxpayers who need additional time to file beyond the May 17 deadline may opt to request an extension until October 15, 2021, by filing Form 4868.  It is important to note that while Form 4868 does provide an option to request an extension to file a return, taxes due must still be paid by May 17, 2021, to avoid penalties and interest.  At this time, the IRS has not clarified whether Form 4868 will need to be filed by April 15 or May 17.

Estimated tax payments are still due on April 15.  Additionally, this extension only applies to federal income tax returns, and not state returns.  Ohio has not yet announced whether it will extend the State Income tax filing and payment deadlines.  A statement published on the Ohio Department of Taxation website reminds taxpayers that “all tax return filing and payment due dates remain unchanged for 2021.”Ohio’s filing and payment deadlines for 2021 income tax returns can be found here.

The attorneys from McCarthy Lebit’s Tax Law group will continue to monitor and report on developments related to the tax filing season.  In the coming days, the IRS is expected to release additional guidance/clarification related to this extension.

UPDATE:

Ohio Extends Tax Deadline to May 17

Last week, I wrote about the IRS’s extension of the tax deadline for individuals to May 17. Today, Ohio Tax Commissioner Jeff McClain announced that Ohio will be following the federal government and IRS in extending the deadline to file and pay Ohio individual income and school district income taxes for the tax year 2020.  The new deadline is also May 17, 2021.

This extension applies to individual income tax returns only.  Further, as with the IRS extension, Ohio will be waiving penalty and interest charges on tax due payments made during the extension.  First quarter estimated income tax payments for tax year 2021 are not impacted by this extension.  Such payments must still be made by April 15.

 

Kyle P. Graham is an attorney at the Cleveland, OH-based law firm McCarthy, Lebit, Crystal & Liffman.

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