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IRS Extends More Individual Deadlines

The Internal Revenue Services has extended more deadlines for individual tax files to May 17, including individual retirement and medical saving accounts. This follows the prior announcement  that the return filing deadline for individual tax returns has been moved from April 15 to May 17.

This week’s announcement did not change the deadline for estimated tax payments.

The latest action gives individuals more time to make  contributions to their individual retirement arrangements, including both IRAs and Roth IRAs, health savings accounts (HSAs), Archer Medical Savings Accounts ) and Coverdell education savings accounts .

In addition, the IRS action automatically postponed to May 17 the reporting and payment of the 10-percent additional tax on amounts includible in gross income from 2020 distributions from IRAs or workplace-based retirement plans. Notice 2021-21 also postpones the due date for Form 5498 series returns related to these accounts to June 30.

Also moved this year is the normal April 17 deadline for claiming a refund for tax year 2017 the filing deadline for  foreign trusts and estates with federal income tax filing or payment obligations, who file Form 1040-NR.

Finally, tax preparers who wish to participate in the Annual Filing Season Program AFSP for calendar-year 2021 now have until May 17 to file their applications.

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