In March, the Internal Revenue Service (IRS) extended the federal income tax preparation and filing deadline for individuals from April 15 to May 17, 2021. The pandemic-related extension, applicable only to the 2020 tax year, also postponed the deadline for paying any amounts owed to the IRS without incurring late fees or interest penalties.
Texans impacted by February’s winter storm, including individuals and businesses in all 254 counties, have even more time to file their taxes or make tax payments. The IRS has extended the due date for affected taxpayers to June 15 of this year. They also postponed the deadline for making 2020 IRA contributions to June 15. This is an automatic extension, meaning you do not need to file any forms unless you need more time or are not considered an “affected taxpayer.”
The IRS defines “affected taxpayers” as “…those taxpayers listed in Treas. Reg. § 301.7508A-1(d)(1), and include individuals who live, and businesses (including tax-exempt organizations) whose principal place of business is located, in the covered disaster area” (“IRS announces tax relief for Texas severe winter storm victims,” 2021). According to the IRS press release, all 254 Texas counties are included.
You Have Until June 15 to File
- Estimated income tax payments
- Individual income tax returns
- S Corporation returns
- Partnership returns
- Corporate returns
- Estate, trust, and gift returns
- Annual information returns of tax-exempt organization
- Employment and certain excise tax returns
- 2020 IRA contributions
Applying for an October Extension
Suppose you think that you will need more time to file. In that case, a tax preparation advisor can provide you with essential information on applying for an October 15 extension, including helping you file the correct form. There are different forms for individuals and businesses. You will still be required to make estimated tax payments or any money owed to the IRS on or before Tuesday, June 15, 2021, if you live or your business resides in Texas.
A CPA firm in Houston can help you understand recent tax changes and how they may affect you – especially as they relate to the COVID-19 pandemic. Additional ways the firm can help include preparing and filing your income tax returns, preparing and filing extension requests, providing guidance, and resolving other tax issues you may have. Individual and business clients in Texas are always provided with accurate, timely, and exceptional tax services.
Consult a Tax Preparation and Filing Expert
Hollis Lewis & Company, PLLC was founded in 1947 by Fox H. Hollis Jr. to provide accounting services and tax preparation to Southeast Harris County. Thirty years later, in 1977, Mark E. Hollis joined the firm to include the Houston area. Then in 2002, Gordon A. Lewis merged his The Woodlands accounting practice into the Hollis firm, creating Hollis Lewis & Company, PLLC.
With over 90 years combined experience, our firm serves individuals, businesses, and nonprofit organizations at one of our two conveniently located Texas offices: Clear Lake and the other in The Woodlands. The industries we serve include but are not limited to construction, healthcare, hospitality, legal, manufacturing, and retail. We invite you to contact us today to discuss your accounting, planning, or tax preparation needs.
“Extension of Time to File Your Tax Return.” IRS, 18 May 2021.
“IRS announces tax relief for Texas severe winter storm victims.” IRS, 22 February 2021, Press Release.
“Tax Day for individuals extended to May 17: Treasury, IRS extend filing and payment deadline.” IRS, 17 March 2021, Press Release.