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CND Client Alert

 

Michigan Department of Treasury Extends State of Michigan 2020 Tax Filing Deadline
from April 15, 2021 until May 17, 2021 to conform with IRS Extension

March 19, 2021

 

The Michigan extension applies only to the 2020 returns and payments of individual and composite taxpayers.  Corporate tax filings and payments are EXCLUDED from the extension.  The extension does NOT apply to city income taxes.

Additional information can be found at https://www.michigan.gov/taxes.

 

IRS Extends 2020 Tax Filing Deadline from April 15, 2021 until May 17, 2021

 

March 18, 2021

Federal tax returns

The U.S. Treasury Department and Internal Revenue Service announced yesterday that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021.

The IRS stated that the extension is due to continuing COVID-related challenges for taxpayers and the additional Treasury Department and IRS workload created by the newest round of stimulus payments. 

Individual taxpayers can also postpone 2020 tax year federal income tax payments that were originally due on April 15, 2021, to May 17, 2021, without penalties and interest. This postponement applies only to individual taxpayers, including individuals who pay self-employment tax. Penalties, interest, and additional taxes will begin to accrue on any remaining unpaid balances as of May 17, 2021.

Individual taxpayers do NOT need to file any forms or call the IRS to receive the tax filing and payment extensions. CND clients who need additional time beyond the May 17 deadline should contact their CND tax professional for assistance.

This 2020 tax filing and payment extension does NOT apply to estimated tax payments due on April 15, 2021. These payments still must be made by April 15 to avoid additional taxes and penalties. Again, please contact your CND tax professional if you have any questions about your estimated tax payments.

The IRS continues to urge taxpayers who are expecting a refund to file their taxes as soon as possible.

State tax returns

As of now, state income tax filing and payment deadlines have NOT been extended; taxpayers can check with their state tax agencies for details or CND clients may contact their CND tax professional for information about their state returns.

The information that we are receiving from governmental authorities continues to change, so please be on the lookout for updates that we believe will be forthcoming.