The word tax time written on wooden cubes with an alarm clock on yellow background. Tax payment reminder or annual taxation concept.

One Week Away: Tax deadline May 17, 2021

The Treasury Department and Internal Revenue Service want to remind all Americans and taxpayers the federal income tax filing due date for individuals for the 2020 tax year was automatically extended from the normal date of April 15, 2021, to May 17, 2021 and without penalties.

This date change is for individual taxpayers, including individuals who pay self-employment tax. Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021. Individual taxpayers will automatically avoid interest and penalties on the taxes paid by May 17.

Individual taxpayers may request a filing extension until Oct. 15 by filing Form 4868 through their tax professional, tax software or using the Free File link on IRS.gov. Filing this form will extend the deadline to October 15 for filing 2020 tax returns but does not grant an extension of time to pay taxes due.

Most tax refunds associated with e-filed returns are issued within 21 days.

State tax returns

The federal tax filing deadline postponement to May 17, 2021, only applies to individual federal income returns and tax (including tax on self-employment income) payments otherwise due April 15, 2021, not state tax payments or deposits or payments of any other type of federal tax. Taxpayers also will need to file income tax returns in 42 states plus the District of Columbia. State filing and payment deadlines vary and are not always the same as the federal filing deadline. The IRS recommends taxpayers check with their state tax agencies for those details.

Written by
Ann Naiman
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The League of Southeastern Credit Unions & Affiliates represents nearly 300 credit unions throughout Alabama, Florida, and Georgia. It has a combined total of almost $200 billion in assets and 12.4 million members. LSCU provides advocacy, compliance services, education and training, cooperative initiatives, and communications.

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