Less than one month ahead of the traditional date, the I.R.S. has delayed the deadline for filing and paying taxes. The new deadline is May 17, 2021.1,2,3 The delay follows continued disruption from the COVID-19 pandemic and a late start to the tax-filing season, which the I.R.S. delayed to start on February 12. It also follows the agency's decision to postpone the deadline to June 15 for the states of Louisiana, Oklahoma, and Texas, still recovering from disastrous winter storm activity. Other states may now extend their local filing and payment deadlines.1,3 This relief does not apply to estimated tax payments that are due on April 15, 2021. These payments are still due on April 15.3 While this extension isn't unexpected, it may be welcome to many still coping with what is becoming one of the most complicated tax seasons in decades. Sims & Karr contribution check deadline is May 10th. This allows time to ensure that the contributions can be credited to your account by the IRS deadline, May 17th. Any previous-year contribution checks received after May10th will be processed on a best-effort basis. If you are making a 2020 contribution to an account held directly with a mutual fund company (i.e. American Funds, Fidelity Investments, Hartford Funds, Columbia Funds, etc.), please make sure your check is mailed by Monday May 17th, and that the envelope is postmarked for that day. ** To ensure you receive a legible postmark, we suggest that you take your mail into the post office to have it stamped; keeping in mind your USPS window service hours.** Any contributions arriving to our office after May 17th without a legible postmark dated May 17th, or before, will be coded as 2021 contributions. All firms require originals, or copies, of the postmarked envelope to accompany your check when submitted if it arrives after the IRS deadline. Checks received without the postmarked envelope as supporting documentation will be coded as 2021 contributions. Please make sure to clearly indicate the account number, account name, and the desired tax year on the face of any checks. **We highly recommend that you verify the eligible amount of your contributions with your tax advisor—this is especially crucial for ROTH IRAs.** Reminder: Should you need funds from your account to pay taxes by May 17th, please allow at least 10 days to complete the transaction. It’s important to point out that our letter is for informational purposes only, so make sure to consult your tax, legal, and accounting professionals before modifying your tax-filing strategy. If you have any questions about how this may affect our normal course of business, or any other matter, I welcome you to get in touch. |
1. CNBC.com, March 17, 2021 |
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite, LLC, is not affiliated with the named representative, broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security. |
I.R.S. Delays Tax Filing, Payment Deadlines
March 23, 2021