2020 Individual Tax Return Deadline Moved to May 17, 2021

Key Takeaways

  • Individual income tax returns are due May 17.
  • No action is required to take advantage of the new due date.
  • An extension to file by October 15 is available and can be filed by May 17.

The Internal Revenue Service and the Georgia Department of Revenue have announced that the due date for individual income tax returns has been moved to May 17, 2021. This new due date applies to return filings, 2020 tax payments, and contributions to Individual Retirement Accounts (IRAs) and Health Savings Accounts (HSAs).

No additional interest or penalties will be assessed on any balance due if paid by May 17.

Why do you need this extra time to prepare my taxes?
  1. The Consolidated Appropriations Act, 2021, became law on December 27, 2020. This Act contains retroactive tax provisions that required research, staff training, and updates to our preparation processes.
  2. The IRS delayed the start of the filing season until February 12, 2021, almost a month late. The State of Georgia delayed business return filings an additional week.
  3. On March 3, 2021, new rules were issued for the Payroll Protection Program, a coronavirus business relief program. The new rules made over 150 of our business clients eligible to apply who were previously ineligible. We had less than a month to prepare and submit these applications. The March 31 application deadline has been extended until May 31, but the law extending the date wasn't enacted until March 30.
  4. The American Rescue Plan Act became law on March 11, 2021. This Act also included retroactive tax provisions that required research, retraining, and updates to our preparation processes. The IRS has yet to issue all of the guidance necessary to implement the tax changes made by this law.
  5. We have been short staffed because of the pandemic; we've operated this tax season one staff accountant short.
We are committed to providing all of our clients with the best possible service. Partners and staff have worked many hours of overtime to overcome the challenges of tax law changes, virus relief, and staff shortages in order to meet our clients' needs. We will continue to work to prepare returns as quickly as possible and expect to have substantially all returns in our office before March 25 delivered before May 17.
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Youmans & Gardner, CPAs
Southwest Georgia

108 East Broughton Street
Bainbridge, Georgia 39817
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Fax 229.246.1488

Florida Big Bend

113 North Madison Street
Quincy, Florida 32351
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Fax 850.627.7384

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