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Tax Return Deadline Moved to May 17, 2021

March 19, 2021

tax return papers with pen, glasses and calculator sitting on top
The Internal Revenue Service has officially extended the federal income tax filing due date for individuals from April 15, 2021 to May 17, 2021. This does not apply to state tax returns; it only applies to individual federal income returns and tax payments (including tax on self-employment income) otherwise due April 15, 2021. State filing and payment deadlines vary and are not always the same as the federal filing deadline. The IRS urges taxpayers to check with their state tax agencies for those details.

Despite the new due date, there is no incentive to wait if you expect a refund. “This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities,” said IRS Commissioner Chuck Rettig. “Even with the new deadline, we urge taxpayers to consider filing as soon as possible, especially those who are owed refunds. Filing electronically with direct deposit is the quickest way to get refunds, and it can help some taxpayers more quickly receive any remaining stimulus payments they may be entitled to.”*

Individual taxpayers do not need to take any action to qualify for this automatic federal tax filing and payment relief. This extension does not apply to estimated tax payments due April 15, 2021.

For assistance or additional information, contact your tax professional or visit IRS.gov.

*Irs.gov newsroom article 3/17/2021

PPP Forgiveness Application Deadline

Congress passed The Economic Aid Act which changed the deferment period from 6 months post covered period to 10 months post covered period. For example, if your covered period ended June 30, 2021, under the new guidelines the earliest your first loan payment wouldn’t be due until April 2022, and you have until then to request forgiveness. Please use the following calculation to help you identify when your forgiveness will be due:

  • PPP borrowers may select a covered period anywhere from 8 weeks to 24 weeks.
  • RCU is automatically calculating your loan due date based on a 24-week covered period, if you intend on using a shorter covered period please inform us immediately as this will impact your due date.
  • Your correct deadline will be reflected in your online banking account.

If all or part of your PPP loan is not forgiven, your first loan payment will be due the first of the following month after a decision is made by the SBA.

 

 

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