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IRS Elaborates on the Deadline Extension

You may recall that the IRS extended the individual filing deadline to May 17, 2021. On March 29, the IRS elaborated on this. Specifically, IRS Notice 2021-21 provides details on the additional tax deadlines which have been postponed until May 17. Notably, however, Notice 2021-21 does not alter the April 15, 2021, deadline for estimated tax payments; these payments are still due on April 15.
  • Time to make contributions to IRAs and health savings accounts extended to May 17. In extending the deadline to file Form 1040 to May 17, the IRS is automatically postponing to the same date the time for individuals to make 2020 contributions to their individual retirement arrangements (IRAs and Roth IRAs), health savings accounts (HSAs), Archer Medical Savings Accounts (Archer MSAs), and Coverdell education savings accounts (Coverdell ESAs). 
  • 2017 unclaimed refunds – deadline extended to May 17. For tax year 2017 Federal income tax returns, the normal April 15 deadline to claim a refund has also been extended to May 17, 2021. The law provides a three-year window of opportunity to claim a refund. If taxpayers do not file a return within three years, the money becomes property of the U.S. Treasury. The law requires taxpayers to properly address, mail and ensure the tax return is postmarked by the May 17, 2021, date. 
Contact your Sisterson representative or info@sisterson.com with questions. 
Tax