Many news agencies, late yesterday and this morning, have been reporting the IRS is planning to extend the April 15, 2021 deadline to May 17, 2021. While this is welcomed news, this does not come without some confusion.
This extension ONLY applies to filing of Form 1040 for 2020 and any remaining tax due on that return. FIRST QUARTER ESTIMATES FOR 2021 WILL STILL BE DUE ON APRIL 15, 2021.
This extension DOES NOT apply to C-Corporation returns, trusts returns and fiscal year returns (all types). The due date for these still remains April 15, 2021.
At this time, the Commonwealth of Virginia has not extended their deadline for any return types or payments. We are monitoring others states to see what action they are taking and how it affects your returns.
Please be aware, the IRS has not issued official guidance on this filing extension, merely a news release. Certain aspects could change between now and their official guidance. If or when it changes we will notify you.