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Articles From Lumsden McCormick

The IRS Extends Additional Tax Deadlines

What to know about your IRA, HSA, and more.

Provided by David A. Schlein, CPA

Previously, the Internal Revenue Service (IRS) announced that the federal income tax filing due date for individuals for the 2020 tax year had been automatically extended from April 15, 2021, to May 17, 2021.1

More time for all. However, the IRS has also settled on May 17, 2021 as the deadline for contributions to individual retirement arrangements (IRAs and Roth IRAs), health savings accounts (HSAs), and Coverdell education savings accounts (Coverdell ESAs).2

No additional tax until May 17, 2021. This also automatically postpones to May 17, 2021, the deadline for reporting and payment of the 10% additional tax on amounts includible in gross income from 2020, distributions from IRAs, or workplace-based retirement plans.3

What about estimated tax payments? Keep in mind that this does not alter the April 15, 2021, deadline for estimated tax payments; these payments are still due on April 15. Taxes must be paid as taxpayers earn or receive income during the year, either through withholding or estimated tax payments.4

David A. Schlein, CPA may be reached at 716-856-3300 ext. 120 or dschlein@lumsdencpa.com

www.fslumsden.com


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This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting, or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax, or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.

Securities offered through Avantax Investment ServicesSM, Member FINRA, SIPC.  Investment Advisory services offered through Avantax Advisory ServicesSM.

Citations.

1. IRS.gov, March 17, 2021

2. IRS.gov, March 29, 2021

3. IRS.gov, March 29, 2021

4. IRS.gov, March 29, 2021


 

The IRS Extends Additional Tax Deadlines

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Dave is a tax partner with over 30 years’ experience in service to closely-held family-run businesses, high net worth individuals, and for-profit flow-through entities. Dave’s expertise lies in the areas of real estate investments, the oil and gas industry, partnerships, S corporations, and closely held C corporations. His day-to-day activities include investment advisory services, the coordination and delivery of tax planning and compliance services for individuals and businesses. Dave holds his FINRA Series 7 and 66 licenses; he also holds Life, Accident, and Health Insurance licenses. 

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