The most trending tax and financial industry issues.

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Lane Keeter, CPA

Partner: Tax Consulting, Estate Planning, and Heber Springs Managing Partner

Individual taxes have been extended through May 17th!

The IRS recently announced that individual taxpayers will be granted a limited extension of time until May 17, 2021 within which to file their 2020 form 1040.

However, it is important to note that the extension only applies to individual taxpayers. It does not apply to other tax filings such as fiduciary returns that are due also on April 15. Notably, the extension of time also does not apply to first quarter 2021 estimated tax payments. Therefore an estimated tax payment may be required on April 15, 2021.

State and Local income tax return due dates are established by each state's taxing authority, so unless a state specifically extends the due date, that return is still required to be filed or extended by April 15, 2021. The State of Arkansas, for instance, followed the lead of the IRS and also delayed its filing date to May 17, 2021, but made the delay effective for other types of income tax returns as well, including corporations, estate and trust returns. Like the IRS, Arkansas says estimated tax payments are still due April 15, 2021.

Additionally, the Arkansas Secretary of State recently announced that Arkansas Franchise Tax Returns, normally due May 1, will not be considered late as long as they are filed by July 15, 2021.

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