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Office Closure: Beginning July 2, the Delap office will close for an interior remodel. The remodel project has been in the works for months and will include an updated reception area as well as new and improved conference rooms. The project is scheduled to last a few months, with the office anticipated to reopen sometime around the holidays. We will continue to assist our clients with their accounting and advisory needs during the remodel, and we appreciate your patience and understanding during this renovation process.
After much debate and pressure from a number of accounting professional groups, the Internal Revenue Service recently announced that it is pushing back the individual tax filing and payment deadline from April 15, 2021, to May 17, 2021.
Individual taxpayers can now postpone federal income tax payments for the 2020 tax year normally due on April 15, 2021, to May 17, 2021, without penalties and interest, no matter what amount is owed. Taxpayers won’t need to file any forms or call the IRS to qualify for the automatic federal tax filing and payment relief. If taxpayers need additional time to file beyond the May 17 deadline, they can file an extension until October 15 by filing Form 4868.
The tax deadline postponement to May 17 only applies to individual federal income returns and tax payments (including tax on self-employment income) otherwise due April 15, 2021.
The postponement does not apply to estimated tax payments that are due on April 15, 2021, for 2021 tax years. So the federal deadline change does not offer relief to many small business owners and individuals who pay estimated taxes, trust income taxes, or corporate income taxes.
The federal tax deadline delay can be attributed to the delay in the start of filing season as well as recent legislation that added to the workload of the Treasury Department and IRS — most recently, the $1,400 stimulus payments and other tax changes from the American Rescue Plan Act that passed earlier this month.
The Oregon Department of Revenue has announced that the state of Oregon will automatically extend the tax filing and payment deadline for individual taxpayers to May 17, 2021. Both the IRS and the Oregon Department of Revenue will be providing formal guidance in the coming days. We will continue to monitor the situation closely.
The IRS urges taxpayers to check with their state tax agencies for any state deadline changes.
As of the publication of this blog post, several other states have also extended the individual income tax payment and filing deadline to May 17, 2021, including California, Colorado, Maine, North Dakota, Pennsylvania, South Carolina, Utah, Vermont, West Virginia, and Wisconsin.
After the Federal Emergency Management Agency (FEMA) declared several winter storms as disasters, the IRS issued tax relief to Louisiana, Oklahoma, and Texas. Taxpayers affected by the February winter storms in these three states have until June 15, 2021, to file various individual and business federal tax returns and make tax payments. When it comes to state taxes:
If you have questions, please reach out to your Delap tax advisor.