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Tax Filing and Tips Tax Relief

2020 Tax Deadline Changes, Penalties and Interest

FEDERAL INCOME TAX FOR INDIVIDUALS

DUE MAY 17, 2021

The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021, to May 17, 2021. The IRS will be providing formal guidance in the coming days.

FEDERAL INCOME TAX PAYMENTS FOR INDIVIDUALS 2020 TAX YEAR

DUE MAY 17, 2021

  • No Penalties or Interest until after May 17, 2021

Individual taxpayers can also postpone federal income tax payments for the 2020 tax year due on April 15, 2021, to May 17, 2021, without penalties and interest, regardless of the amount owed. This postponement applies to individual taxpayers, including individuals who pay self-employment tax. Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021. Individual taxpayers will automatically avoid interest and penalties on the taxes paid by May 17.

NORTH CAROLINA STATE INCOME TAX FOR INDIVIDUALS

DUE MAY 17, 2021

The North Carolina Department of Revenue (NCDOR) announced today that it will extend the April 15 tax filing and payment deadline to May 17, 2021, for individual income tax to mirror the announced deadline change from the Internal Revenue Service.

NORTH CAROLINA STATE INCOME TAX PAYMENTS FOR INDIVIDUALS

DUE MAY 17, 2021

  • No Penalties until after May 17, 2021
  • Interest will be charged after April 15, 2021

NCDOR will automatically extend the time for filing North Carolina individual income tax to May 17, 2021. With the move to May 17, the NCDOR will not charge penalties for those filing and paying their taxes after April 15, 2021, as long as they file and pay their tax on or before May 17, 2021.

Unless state law is changed, tax payments received after April 15 will be charged interest, accruing from April 15 until the date of payment.

https://www.ncdor.gov/news/press-releases/2021/03/18/ncdor-extends-individual-income-filing-and-payment-deadline-may-17

https://www.irs.gov/newsroom/tax-day-for-individuals-extended-to-may-17-treasury-irs-extend-filing-and-payment-deadline

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