09 Apr Tax Deadline Extended
Have you been frantically searching for an accountant in Boca Raton who can help you get your individual taxes for 2020 done in time to meet the April 15 deadline? Well, the advice of the tax accountants at Boca Raton’s Robinson CPA is to take a deep breath and relax.
The tax deadline for this year has been extended for individuals and you now have until May 17, 2021 to get your taxes done.
You do not need to take any action in order to qualify for this extension. According to the announcement regarding the change issued by the Internal Revenue Service, “Individual taxpayers do not need to file any forms or call the IRS to qualify for this automatic federal tax filing and payment relief.”
And there’s more good news.
The IRS also said, “Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed. This postponement applies to individual taxpayers, including individuals who pay self-employment tax. 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 May 17.”
Please note, however, that this extension is limited to individual taxpayers. It does not apply to corporate taxes. It also does not apply to estimated taxes which are still due on April 15, 2020.
The IRS extended the deadline in response to the ongoing threat of Covid-19. “This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities,” IRS Commissioner Chuck Rettig said in a statement.
Having a little extra breathing room doesn’t mean that you should put off working on your taxes. The sooner you file, the better. If you are still looking for a CPA firm in Boca Raton that can help you, please contact us. We can help you with tax preparation and planning, so you’ll be ready when next year’s deadline rolls around.