Tax Deadlines: IRS Announces April 15th Federal Tax Deadline is Extended to May 17th for Individual Taxpayers
In an effort to provide the latest information that is available related to the upcoming April 15th tax filing deadline, we will be continually monitoring and updating this webpage. Please check back regularly for updates.
Federal Tax Deadline
Update as of April 6, 2021: The IRS issued Notice 2021-21 providing individual taxpayers with formal guidance regarding the automatic extension of the April 15th Federal tax deadline. The notice formalizes the relief granted in their original announcement and expands on that relief as follows:
- The automatic 1-month extension of time applies to all Form 1040 series tax returns (Form 1040, Form 1040-SR, Form 1040-NR, Form 1040-PR, Form 1040-SS or Form 1040(SP) and applies to all payments reported on these forms. In addition, the notice clarifies that the relief applies to all schedules, returns, other forms and elections that are required to be filed along with a 1040 series form.
- Individual taxpayers have until May 17, 2021 to make 2020 contributions to their individual retirement arrangements (IRAs and Roth IRAs), health savings accounts, Archer Medical Savings Account, and Coverdell education savings accounts.
- Individual taxpayers whose 2017 refund claims would have been due on or after April 15, 2021, and before May 17, 2021 are now due May 17, 2021.
The notice does not expand the relief provisions to any filers outside of Form 1040 series filers with an original due date of April 15, 2021. In addition, the notice provides a reminder to taxpayers that the relief does not apply to individual taxpayer’s 1st quarter 2021 estimated income tax payments.
Updated as of March 19, 2021: The Internal Revenue Service (IRS) announced on Wednesday, March 17, 2021, that they are going to provide individual taxpayers with an automatic 1-month extension of time to file their 2020 income tax returns. This means individual tax returns that would have been due on April 15, 2021 will now be due on May 17, 2021 (since May 15th falls on a Saturday). This also allows individual taxpayers to delay any payment that is due with their 2020 tax return to May 17, 2021, without penalties and interest.
This relief does not apply to individual taxpayer’s 1st quarter 2021 estimated income tax payments. Therefore, an individual who has a required 1st quarter 2021 estimated tax payment will still be required to make those payments by April 15, 2021.
Individual taxpayers do not need to file an extension to be granted this automatic 1-month extension. If a taxpayer still needs additional time to file beyond May 17, 2021, they will then need to file an extension with the IRS which will extend the filing (not payment) deadline to October 15, 2021.
Based on the initial statement released by the IRS, this relief appears to only apply to individual taxpayers. Therefore, other taxpayers (C-Corporations, trusts, etc.) that have an April 15, 2021 filing deadline do not appear to be granted any relief.
The IRS has stated that they will be providing more formal guidance in the coming days. As soon as that guidance is released, we will review and update the information provided on this page.
North Carolina
Update as of April 6, 2021: On April 5, 2021, the North Carolina Department of Revenue (NCDOR) issue a notice formalizing their earlier announcement to provide an automatic extension of time to file 2020 individual income tax returns to May 17, 2021. In addition to the automatic extension granted to individual tax returns (Form D-400), the NCDOR is extending this relief to partnerships returns (Form D-403) and estate and trust returns (Form D-407) with an original due date of April 15, 2021 as long as the returns (or appropriate extensions) are filed and required payments are made by May 17, 2021.
The notice continues to remind NC taxpayers that the NCDOR is only able to waive penalties associated with late filing and late payment of taxes; therefore, interest will continue to accrue (at a rate of 5%) on payments originally due on or before April 15, 2021 and made beyond that date under these relief provisions.
Update as of March 19, 2021: On March 18, 2021, the North Carolina Department of Revenue (NCDOR) announced that they will be providing an automatic extension of time to file 2020 individual income tax returns to May 17, 2021. The intent being to mirror the federal guidance that has been issued.
This also allows individual taxpayers to delay any payment that is due with their 2020 tax return to May 17, 2021, without any penalties. However, at this time, North Carolina state law does not allow for the deferral of interest on late payments; therefore, even with this extension of time provided by the NCDOR, interest will accrue on tax payments received after April 15th (the current NC interest rate through June 30, 2021 is 5%). The NCDOR has indicated that the “Governor and the legislative leadership” are willing to work to address this issue; however, until legislative action is taken, the NCDOR will not be able to waive the interest on payments made beyond April 15th.
This relief does not apply to individual taxpayer’s 1st quarter 2021 estimated income tax payments. Therefore, an individual who has a required 1st quarter 2021 estimated tax payment will still be required to make those payments by April 15, 2021.
South Carolina
Update as of April 6, 2021: Following the IRS’s formal guidance provided under IRS Notice 2021-21, the South Carolina Department of Revenue (SCDOR) has released additional guidance formalizing their earlier announcement to mirror the federal guidance provided to SC individual taxpayers. This guidance is provided in SC Information Letter #21-7 and more formally adopts the relief provisions provided by the IRS. The guidance provides SC individual taxpayers an automatic extension until May 17, 2021 to perform the following:
- File their 2020 South Carolina individual income tax returns (Form SC 1040 or SC 1040 composite individual income tax return) and make the payments due related to these returns.
- Make 2020 contributions to the South Carolina College Investment Program or rollover from another 529 plan to the South Carolina College Investment Program as well as make a 2020 contribution to IRAs (including Roth IRAs) and health savings accounts as specified by the IRS.
- File a claim for credit or refund of South Carolina individual income tax that was due to be filed on or after April 15, 2021, and before May 17, 2021.
Update as of March 19, 2021: On March 18, 2021, the South Carolina Department of Revenue (SCDOR) announced that they will be providing an automatic extension of time to file 2020 individual income tax returns to May 17, 2021. The intent being to mirror the federal guidance that has been issued. The SCDOR has stated that they will issue more formal guidance once the IRS releases their additional guidance on the extended deadline.
Please note, if your tax situation requires you to file income tax returns in states other than those specifically addressed above, your BRC tax advisor will be closely monitoring any guidance released by those states and notify you of any impacts that guidance has on your tax filing situation.
We will continue to monitor the ever-evolving guidance that may impact our clients and update this page as additional information is available. As always, please don’t hesitate to reach out to your BRC advisor with any questions you may have.
