Although the AICPA welcomed the IRS’s postponement of the April 15 income tax filing and payment deadline to May 17, the association says the measure falls far short of needed taxpayer relief.
The postponement applies only to individual federal income tax returns and tax payments otherwise due April 15. It does not apply to first-quarter individual estimated tax payments, due April 15. Many other taxpayers’ tax year 2020 tax returns and payments also remain due April 15, including those from trusts and estates and C corporations.
The AICPA recently reiterated its past requests for a month longer postponement, to June 15, including all returns otherwise due April 15. The AICPA asked the IRS to also postpone the April 15 due date for paying estimated taxes for the first quarter of 2021. Read more.