Due Date Postponement on Certain Federal Tax Returns and Payments

Concerning the ongoing coronavirus pandemic, the President of the United States has issued an emergency declaration on March 13th, 2020 with regards to the relief in the tax deadlines of Americans, who have been affected by the pandemic. According to this notice, the taxpayers are offered certain relaxations concerning the Federal tax payments and Federal tax returns under section 7508A of the Internal Revenue Code.

Section 7508A renders the secretary of the Treasure to postpone the time for performing certain acts under the internal review laws. According to this declaration, the Secretary has determined the following grants for any citizen who has filed Form 1040, 1040 SR, Form 1040 PR, Form 4868, Form 1040 SS or Form 1040 SP with the original due date of April 15, 2021. and are affected by the pandemic crisis.

Postponement of due dates

For the taxpayers who are affected by the coronavirus pandemic, the due date for filing the federal income tax returns in the Form 1040 series has been postponed from April 15, 2021, to May 17, 2021. The affected taxpayers need not file any form to obtain this relief on due dates and the automatic extension of Time to File US Individual Income Tax Returns will be applicable for them. The period between 15th April and 17th May 2021 will be disregarded in the calculation of any interest, penalty, or be levied with additional tax for failing to file within the deadline. However, penalties and interests will begin to accrue from May 18th, 2021. 

The relief provided for filing the Federal Income Tax returns and for paying the Federal income taxes is applicable only for the Form 1040 series, which has the original due date of April 15, 2021. Businesses and other taxpayers who have filed Federal Income tax returns on the forms that are out of Form 1040 are not considered as affected taxpayers and this relief of grants is not applicable for them. 

Postponement in the due dates is applicable for the Form 5498 series as well and the due date for filing and furnishing the Form 5490 is postponed to June 30, 021. Penalty for failing to file the forms will begin to accrue from July 1st, 2021. 

Relief concerning refund claims

Individuals who have to file a claim for the refund of Federal Income tax that expires on or after April 15th and before May 17th, 2021, have the time extended till May 17, 2021, to file claims for refund and credit. This postponement is limited to claims for refund and credit on the Form 1040 series only.  

The Voluntary Annual Filing Season program under the IRB encourages tax return prepares to enroll in education programs to enhance their knowledge in the laws relevant to federal tax returns. They will also receive an annual record of completion upon graduating. The application to participate in the annual filing season program for the year 2021 was originally April 15th, 2021, and this has also been postponed to May 17, 2021.