Yesterday the IRS announced that the deadline for filing 2020 federal individual income tax returns and paying any balance due with those returns, would be automatically extended from April 15 to May 17. Although details are forthcoming, the extension is currently very limited. In particular, note the following:
In light of these limitations, we recommend that clients continue to assemble and provide information to their tax return preparers with an eye toward meeting the original April 15 deadline.
Note that, as always, individual taxpayers can extend the deadline for filing their 2020 federal income tax returns, in which case the deadline for payment of any balance due with the return will now be May 17 and the deadline for filing the return will be October 15.
We will provide further updates as more guidance becomes available.