The Treasury Department and Internal Revenue Service announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.
The new deadline does not apply to estimated tax payments that are due on April 15. CDS will update you as we receive further updates.
In following with the IRS, the Minnesota Department of Revenue announced on May 17 a grace period for taxpayers filing their annual Minnesota Individual Income Tax return for tax year 2020. Those taxpayers now have until May 17, 2021, to file and make their payments without any penalty or interest.
“This grace period for the individual tax filing and payment deadline provides timely relief to Minnesota families,” said Governor Tim Walz. “As we work to get through the COVID-19 pandemic together, my Administration will do everything we can to ease the burden on Minnesotans.”
Minnesota is allowing additional time for making 2020 state individual income tax filings and payments to May 17, 2021, without any penalty and interest being applied.
This grace period does not include individual estimated tax payments.
They urge taxpayers to consider filing as soon as possible, especially those who are owed refunds. Filing electronically with direct deposit is the quickest way to get refunds, and it can help some taxpayers more quickly receive any remaining stimulus payments they may be entitled to.
Need help filing your taxes? Contact one of our experts at (888) 388-1040.
