| wealth management  by Alisa Kim O’Neil, JD, CTFA, AEP®, CDFA®, Director of Estate & Financial Planning

The Internal Revenue Service announced that the federal income tax filing date for individuals for the 2020 tax year is extended from April 15, 2021 to May 17, 2021 (IRS Notice 2021-59).

This is an automatic extension for filing and paying, regardless of the amount owed. Taxpayers need not file any forms to qualify for the new filing date. HOWEVER, the due date for Federal estimated payments for 2021 will NOT be postponed; the first quarterly estimate remains due April 15, 2021. 

In February, the IRS extended the filing deadline for taxpayers in Texas, Oklahoma and Louisiana who were hit by the February storms to June 15th. 

Please note that this automatic extension does not apply to fiduciary or corporate returns. The IRS has yet to issue any extensions of time to file or pay non-individual returns. 

State Income Taxes:

As of Friday, March 19th, the following states have extended their state income tax filing deadline to May 17th:

California, Colorado, Connecticut, Idaho, Illinois, Kentucky, Maine, Massachusetts, Minnesota, Missouri, Montana, New Mexico, New York, North Carolina, North Dakota, Oregon, Pennsylvania, South Carolina, Utah, Vermont, West Virginia and Wisconsin.

Maryland has extended its deadline to July 15th for their state income tax filers.

Other states will likely be reviewing their own deadlines in light of the IRS notice. Please consult your own tax preparer for questions on your state income tax returns.

Please note that this situation is fluid, and it is possible that additional changes may be put in place in the coming days or weeks. You should always consult with your tax preparer regarding your specific income tax situation. 

If you have any questions, please contact a member of our Estate and Financial Planning Group:

Alisa Kim O’Neil[email protected] or 617-275-0313

Kathy Sablone[email protected] or 617-956-9712

Important: This alert does not contain any legal or tax advice. You should always consult with your attorney, accountant or other professional advisors before changing or implementing any tax, investment or estate planning strategy.

IRS Circular 230 Disclosure: Pursuant to IRS Regulations, we inform you that any tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding tax related penalties or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.