IRS Tax Due Date Changes
On March 17, 2021, The Treasury Department and IRS announced the federal income tax filing due date for the 2020 tax year has been extended automatically from April 15, 2021, to May 17, 2021. This postponement applies to individual taxpayers, including individuals who pay self-employment tax. While penalties, interest, and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021, individual taxpayers will automatically avoid interest and penalties on the taxes paid by that date.
At this time, the automatic extension applies to individual tax returns and does not apply to first-quarter estimated tax payments, gift, estate, corporation, or trust return filings, which are still due April 15, 2021.
States Confirming Extensions
There are 27 states that have already extended their own state tax deadlines. As of March 22, 2021, the following states pushed their deadlines to May 17:
- Alabama, California, Colorado, Connecticut, Delaware, Georgia, Illinois, Kentucky, Maine, Massachusetts, Michigan, Montana, Nebraska, New Jersey, New Mexico, New York, North Carolina, North Dakota, Oregon, Pennsylvania, South Dakota, Tennessee, Utah, Virginia, Vermont, West Virginia, and Wisconsin.
TN State Tax Due Date Changes
Under Tennessee law, the Commissioner of Revenue is authorized to follow any extension granted by the IRS. Therefore the TN Dept of Revenue followed suit and extended their own state tax due dates. The following tax deadlines will also be pushed from April 15, 2021, to May 17, 2021:
- Hall Income Tax
- Franchise and Excise Tax (Single Member LLCs Owned by an Individual Only)
For both the Hall Income Tax and F&E Tax, the extension automatically applies. No separate action is needed. Also, interest and late filing penalties will not be applied to returns filed and payments made on or before this extended due date. The October 15, 2021, six-month extension date for calendar year 2020 tax returns remains unchanged.
One important note, however, is Estimated Payments due on April 15, 2021 are not included in this extension. They are still due on April 15th.
Keep Up To Date With Our Tax Calendar
Compass East has updated our Federal and TN Tax Calendar accordingly. Check out & Bookmark or 2021 Federal and Tennessee Tax Calendar below!
