May 17th Deadline – Pay and/or File Now To Avoid Penalties

The IRS has extended this year’s deadline to May 17, 2021 for federal tax returns that were originally due on April 15. If you have not yet filed your 2020 tax return you should make every effort to do so by May 17.

If you cannot submit your 2020 return by the deadline, you can apply for an automatic filing extension to October 15, 2021. The standard way to request the extension is to file IRS Form 4868 by May 17. Bear in mind that this extension applies only to FILING your return; the payment due date will remain as May 17. Failing to pay the full amount you owe on or before May 17 may result in late fees, interest or other penalties.

If you anticipate owing tax, you should estimate the amount and include payment with your Form 4868. Alternatively, if you pay your tax with a debit or credit card or use the IRS Direct Pay or Electronic Federal Tax Payment System portal (see links below), you can get the extension to complete your return by October 15 without filing Form 4868. Simply indicate that your payment is for an automatic filing extension for tax year 2020.

If you cannot pay your tax right now due to pandemic-related hardships or other extenuating circumstances, the IRS offers installment payment options that may enable you to reduce or eliminate penalties. A tax professional can help you evaluate your options or get your return filed.

IRS Direct Pay portal: https://www.irs.gov/payments/direct-pay
Electronic Federal Tax Payment System (EFTPS) portal: https://www.irs.gov/…/eftps-the-electronic-federal-tax-paym…
Make IRS payments with a credit or debit card: https://www.irs.gov/…/pay-your-taxes-by-debit-or-credit-card

If you would like RTW to file your Return or Request for Extension, we ask that you provide all your documentation Today!!!
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You may also email us at Info@rtwxxact.com
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If you are not a current client and would like us to request an extension or file your 2020 taxes, please contact us and provide the following information.