Last week, the IRS and U.S. Treasury extended the federal income tax filing and 2020 payment deadline for individuals from April 15 to May 17.
As of today, both Pennsylvania and New Jersey have followed suit in postponing their state filing date for individuals to May 17, 2021.
Like the federal extension, this is automatic and only applies to income tax returns for individuals and 2020 tax payments (including tax on self-employment income) otherwise due April 15, 2021. Penalties and interest are waived through the extension period. However, both states advise that 2021 first quarter estimated payments are still due as of April 15, 2021.
It is up to each state to determine their filing and payment deadlines. Check with your respective state tax agency for updates to their filing and payment due dates at https://www.taxadmin.org/state-tax-agencies .
The IRS will release more guidance in the coming days. If you have not yet filed your 2020 return, touch base with your Alloy Silverstein CPA to schedule a virtual meeting.
Contact an Alloy Silverstein accountant and advisor for further tax or business assistance.
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