The IRS announced Wednesday that it is extending the tax filing deadline for individuals from Apr. 15, 2021, to May 17, 2021. This is an important development for taxpayers due to the many tax law changes that have recently transpired including an exclusion from tax for the first $10,200 of unemployment benefits. A number of tax software companies have advocated for this extension in order to allow them the necessary time to update current software to account for these recent changes.
Taxpayers who have not filed their tax returns and will be unable to file by the new deadline are encouraged to file Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return in order to postpone their tax filing deadline to Oct. 15, 2021. However, it is important to note that taxpayers who file for such an extension are still responsible for paying estimated tax by the filing deadline (i.e. May 17, 2021), in order to avoid penalties.
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