IRS Delays Due Date for Individual Tax Returns

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IRS Announces Delayed Due Date for Individual Tax Returns – This extension ONLY applies to individual returns. Business, trust & estate returns are still due April 15.

The IRS announced that they are extending the time to file personal income tax returns again this year.  The new due date to file and pay any taxes due is May 17, 2021.  We expect that most states will also change their due dates to match the IRS.  Oregon has announced that their due date will also be May 17.

They did not change the due date for estimated tax payments.  So, if you normally make estimated tax payments, please note that your first payment for 2021 is due on April 15.

We urge you to file as soon as possible, so please do not delay in bringing your information to your CPA. We can file at any time but you would not have to pay any tax due until May 17.

Our office will be closed on Friday, April 16 as we normally have in the past. Monday, April 19th – Monday, May 17th, our hours will be 8am-5pm Monday – Friday. We will not close for lunch during that time.

Change in Taxability of Unemployment Benefits

Congress created an exemption for the first $10,200 of unemployment benefits received for most people.  Since they made the change in March, and we are in the middle of the tax filing season, this has created some difficulty for the IRS and state revenue departments.  The IRS is supposed to have a fix in place by today.  If we are holding your return to wait for this, we will finish it and get it to you as soon as the solution is available.

For returns that we have already filed, the IRS has asked that we not file amended returns for now.  We are hoping that they can fix the returns internally but will continue to monitor the developments.

Please call us if you have additional questions.

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The very best relationships are when both parties benefit. Peterson and Associates have been serving both businesses and individuals in Southwest Washington since 1962. We take the time to know you — and understand your goals. We’re committed to providing service that puts people first.