U.S. extends federal filing and payment deadline

U.S. extends federal filing and payment deadline

The IRS has extended the U.S. 2020 tax return and payment deadline for individuals to May 17, 2021

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Individuals with a U.S. tax filing obligation will have more time to file their 2020 income tax returns. The IRS says it will extend the federal income tax filing and payment deadlines to May 17, 2021 (from April 15, 2021). With this extension, penalties and interest will only begin to accrue on unpaid amounts starting from May 17, 2021. Individuals who pay self-employment tax will also benefit from this deadline extension, however, this relief does not apply to estimated tax payments which are still due on April 15, 2021.

As this federal deadline extension does not affect U.S. state and local tax return filing and payment deadlines, taxpayers should still confirm state tax filing deadlines with each respective state tax authority.

As of the date of this publication, the CRA has not announced any 2020 personal income tax return filing or payment deadline extensions. As a result, personal income tax returns remain due April 30, 2021 (or June 15, 2021 for self-employed individuals and their spouses) and the tax payment deadline remains April 30, 2021.

For more information, contact your KPMG advisor.

Information is current to March 22, 2021. The information contained in this publication is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act upon such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's National Tax Centre at 416.777.8500

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