The IRS has extended the filing deadline for individual Federal 2020 tax returns and the payment date for any 2020 taxes owed from April 15 to May 17, 2021.

This extension applies only to individual taxpayers (filing separately or jointly) and does not require a request for an extension.

The postponement does not apply to estimated tax payments first due on April 15, 2021 for the 2021 tax year. Some tax experts feel that the failure to delay the first quarterly payment largely nullifies the benefit of the extension for those who pay estimated taxes. In most cases, the tax return for 2020 generally has to be completed before estimated payments for 2021 can be calculated. However, if an individual needs to delay paying a large amount of taxes to the IRS for 2020, they could still complete, but not file, the return prior to April 15 in order to see the estimated taxes for 2021.

Though many states are mimicking the federal change, the IRS extension does not apply automatically to the deadline for filing state taxes. Make sure that you know your state’s deadlines.

This date change was just announced by the IRS and they plan to issue formal guidance in the near future. Consult with your tax advisor and/or do your own research on which options are best for your federal and state 2020 tax filings.