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.
This one-month delay is not as much extra time as the IRS offered last year when the filing deadline was pushed to July 15. But it should make it easier for the taxpayer to get a handle on their finances – as well as tax changes that took effect just this month with the signing of the American Rescue Plan. The new law made the first $10,200 of unemployment benefits received in 2020 tax-free for people with an income of less than $150,000, a significant change for many whose jobs were affected by the pandemic.
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