Client Update: March 17, 2021

 

Lurie Wealth Advisors is closely following the latest Internal Revenue Service press release, stating that the Treasury Department and the IRS will delay the 2021 Individual federal tax filing deadline to May 17. While it gives taxpayers and the IRS more time, it is not yet known if states will conform to the new federal tax filing deadline.

As of now, your state tax filing deadline of April 15 may remain the same. We recommend that you still organize and send in all documents as originally planned. Please contact your CPA or Lurie Wealth Advisors for further guidance.

According to the IRS, individual tax payers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed. The federal tax filing deadline postponement to May 17th, 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 or other entities. 

The IRS and Treasury Department's decision comes following the passage of the $1.9 trillion American Rescue Plan, which included another round of stimulus payments while also processing tax returns and refunds.

Please check back to our website for the latest updates and information.