Tax Day for Individuals Extended to May 17: Treasury, IRS, MDOR Extend Filing and Payment Deadline
The Treasury Department and Internal Revenue Service announced March 17 that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.
This relief does not apply to estimated tax payments that are due on April 15, 2021. These payments are still due on April 15. Taxes must be paid as taxpayers earn or receive income during the year, either through withholding or estimated tax payments. In general, estimated tax payments are made quarterly to the IRS by people whose income isn’t subject to income tax withholding, including selfemployment income, interest, dividends, alimony or rental income. Most taxpayers automatically have their taxes withheld from their paychecks and submitted to the IRS by their employer.
State tax returns
MDOR announced March 22 that Mississippi will follow the federal extension to file the 2020 individual income tax returns from April 15, 2021 to May 17, 2021. This extension only applies to the filing of the individual income tax return and payment of tax due. Penalty and interest will not accrue on the returns filed and payments made on or before May 17, 2021.
This extension does not apply to the quarterly estimated payments due on April 15, 2021. Visit www.dor.ms.gov
Winter storm disaster relief for Louisiana, Oklahoma and Texas
Earlier this year, following the disaster declarations issued by the Federal Emergency Management Agency (FEMA), the IRS announced relief for victims of the February winter storms in Texas, Oklahoma and Louisiana. These states have until June 15, 2021, to file various individual and business tax returns and make tax payments. This extension to May 17 does not affect the June deadline.
At this time, President Biden has not declared MS counties as Federal disaster areas due to the winter storm nor has the IRS granted extensions to MS.
FEMA approved the State of Mississippi’s request for a time extension to submit for a major disaster declaration due to the Winter Weather Event that occurred February 11-19, 2021. MEMA is working with county emergency management agencies and FEMA to complete these assessments by April 16, 2021.
For more information about this disaster relief, visit the disaster relief page on IRS.gov.