Recent Tax Updates

Federal Tax Filing and Other Deadlines Extended for Individuals

The IRS has announced more details concerning the federal filing deadline for 2020 individual (1040) tax returns being extended until May 17, 2021.

Any payment that is due with the 2020 federal individual tax return is also extended to May 17, 2021. No penalties or interest will be due as long as any amount due is paid by May 17.

The deadline was also extended to May 17, 2021 for making a 2020 contribution for:

  • An IRA account
  • A health savings account (HSA)
  • An Archer medical savings account (Archer MSA)
  • A Coverdell education savings account (Coverdell ESA)

Taxpayers are not required to file any documentation to take advantage of this delay, and no interest or penalties will be assessed in connection with this extension.

The deadline was NOT extended for the following:

  • First 2021 individual estimated payment is due on April 15, 2021
  • Filing deadline for corporations (1120) and estates/trusts (1041) remains April 15, 2021

For more details, see the following on the IRS website:

Mark Castro, CPA

Mark Castro, CPA

Mark has been with CrossLink Professional Tax Solutions (CPTS) since 2008, but has been in the tax industry since 1990. As the government/tax industry liaison for CPTS, Mark has been very active in working with the IRS, States, and other tax industry members to help improve communications, promote standardization, and simplification of eFile systems. Mark has also been active with industry associations as a board member of the National Association of Computerized Processors (NACTP) and the Council of Electronic Revenue Communication Advancement (CERCA) for many years. These two associations work with the IRS and States to help solve key eFile and electronic tax system issues and work to improve the operations of the State and IRS eFile systems.

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