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Deadline for 1040s Now May 17

The deadline for the federal individual tax returns has been extended from April 15 through May 17. The Internal Revenue Service said this week it will soon issue formal guidance.

Taxpayers can also postpone payments to the May 17 deadline without penalties and interest, regardless of the amount owed. Estimated payments remain due on April 25. Extensions can still be requested until October 15 by filing form 4868, but tax due must be paid by May 17 to avoid interest and penalties.

However, the American Institute of CPAs almost immediately responded the relief didn’t go far enough.

“In fact, the taxpayers who are most likely to benefit from this additional time are taxpayers who are able to meet the original filing deadline,” according to a statement from ACIPA CEO Barry Melancon.

The AICPA noted the IRS action does not offer extensions for estimated tax payments due April 15 or those who make trust income tax returns and filings on Form 1041 and corporations whose payments and return filings on the 1110 forms.

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