Does date to pay for tax due to IRS is also extended to 05/17/2021?
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Don't know.. I'm using 04/15/21
All I know is that estimates are due 04/15/21 and balance due and returns are due 05/17/21
As far as Extensions go I use 04/15/21
Last edited by BOB W; 04-05-2021, 04:19 PM.This post is for discussion purposes only and should be verified with other sources before actual use.
Many times I post additional info on the post, Click on "message board" for updated content. -
Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDRComment
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I believe we also have until may 17th to file extensions. This will come in handy for missed April 15 estimates.Comment
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Estimates are STILL due 4/15/21
Opps. misread your commentLast edited by BOB W; 04-07-2021, 11:15 AM.This post is for discussion purposes only and should be verified with other sources before actual use.
Many times I post additional info on the post, Click on "message board" for updated content.Comment
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It is not a safe assumption that deliberately overpaying an extension balance for 2020 on May 17 can be credited as a 2021 estimate as of Apr 15. The IRS has provided no guidance yet, and the various revenue rulings and IRM sections on this matter are less than clear as to how they apply to this unprecedented situation.
However, we are only talking about one quarter of one percent (0.0025) interest charge ("penalty" aka addition to tax) for one month of potential underpayment, so the dollar amount involved is negligible, unless your quarterly estimated payments are well into the 5-figure range."You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe Howard
"That's enough! When you didn't know what you were talking about, you really had something! [to Curly]" -Moe HowardComment
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I believe Rev Rul 99-40, Example 1, which normally works to the taxpayer's advantage now works against the taxpayer. It essentially says that an overpayment arises on the original due date of a return. The original due date of the 2020 return is May 17.
So, a taxpayer could be overpaid for 2020 enough to not have make any estimated payments for 2021. The first estimated payment for 2021 will be late because the credit won't arise until May 17.
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If we parse words, isn't the "original" due date 4/15 which was "extended" to 5/17?"Taxation is the price we pay for failing to build a civilized society." ~ Mark SkousenComment
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Except in Texas. June 15, 2021 is the due date of everything. 1040, 1065, 1120, 1120S, Extension, 4/15 quarterly estimates.....
https://www.irs.gov/newsroom/victims...0February%2011.
Jiggers, EAComment
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is there penalty to file extension with payment before 5/17/2021 ?Comment
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No. A lot of preparers still are aiming for 4/15 -- either want to stop filing taxes now or want to fold 1Q2021 ES payments into Ext payments. 5/17/2021 is the LAST day to file an extension/payment, except in about three "disaster" states. And, P&I can come into play for things other than filing an extension, underpayment of ES interest, for instance, where the clock doesn't stop ticking until you make a payments.Comment
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