IRS Extends Deadlines for PPP Applications & Filing 2020 Tax Return
The House has voted 415-3 to extend the Paycheck Protection Program application deadline by 60 days. The PPP Extension Act of 2021 would move the PPP application deadline to May 31 from March 31 and would allot an additional 30 days for processing applications received by the end of May. The legislation will now be considered in the Senate.
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IRS Extends Tax Filing Deadline to 5/17/2021
The IRS and Treasury Department will postpone the April 15 tax-filing deadline to May 17, the agencies announced Wednesday.
“This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities,” said IRS Commissioner Chuck Rettig in a statement.
In addition, taxpayers can also delay payment of any money owed the IRS until May 17. If payers still need more time to submit their returns, they can request an extension (but not taxes owed) until Oct. 15 by filing Form 4868.
The extended deadline applies only to federal income returns and taxes, meaning that taxpayers will need to check to see if due dates for state taxes have been changed. Not all states follow the same filing deadline as the federal government.
Estimated quarterly payments are still due on April 15.
The IRS will provide more guidance on the extended filing season in the coming days, the tax collector said.
In February, the agency did extend the tax filing deadline to June 15 for individuals and businesses in Texas and other states, which were declared disaster areas by the Federal Emergency Management Agency after winter