Tax Deadline Extension Reminder
As a reminder, the IRS extended the deadlines for certain tax filings and payments until June 15, 2021, for individuals that reside or have a business with a principal location in Texas, Oklahoma, and Louisiana. This extension applies to deadlines falling on or after February 11, 2021 and before June 15, 2021, including the following:
- 2020 business tax returns originally due on March 15;
- 2020 individual and business tax returns originally due on April 15;
- Estimated tax payments originally due on April 15 (along with 2nd quarter estimated tax payments normally due on June 15);
- Quarterly payroll and excise tax returns originally due on April 30;
- 2020 tax return for tax-exempt organizations (calendar-year basis) originally due May 17; and
- Estate, trust, gift, transfer-tax, and other returns with an original due date between February 11 and June 15, 2021.
In addition, Texas has extended the filing deadline for franchise tax returns until June 15, 2021. Other states may or may not have modified their filing deadlines.
Also, be aware that affected individuals have until June 15, 2021 to make 2020 IRA contributions.
Please note that many tax software programs have not been updated to reflect the extended deadline, which differs from the general May 17 deadline extension for the rest of the country. Accordingly, do not be alarmed if you receive a notice from the IRS, as there could be automated notices generated that are not consistent with the storm-related deadline extension. If you receive a notice, please contact your JTaylor tax advisor and we will guide you as to whether any action on your part is required.
Should you have questions regarding how the extensions impact you or your business, please contact your JTaylor tax advisor and we will address your specific circumstances.