IRS postpones April 15 tax filing deadline

[Julio Gonzalez]

The IRS announced on today that they're postponing the deadline for all individual tax returns. Returns that were due April 15 are now due May 17. The IRS says it will issue formal guidance in the near future.

The postponement applies only to individual taxpayers, who can postpone their federal income tax returns and income tax payment due on April 15 until May 17, 2021. 

It's important to note that individuals do not have to Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, to qualify for this postponement.

It's also important to note that your state tax return may still be due on April 15. Be sure to check your state rules and file accordingly. In the meantime, get with your CPA and specialty tax advisors to evaluate your tax situation and help find ways to reduce your tax liability legally. There are a lot of great tax savings opportunities for those who plan!