Taxpayers now have until May 17, 2021, to file and pay their taxes without penalties or interest. This is about a one-month extension beyond the traditional deadline of April 15.

Filers do not need to take any action to qualify for the extended deadline, which automatically applies to individual taxpayers, including individuals who pay self-employment tax. The postponement, however, does not apply to payments made quarterly by people whose income is not subject to income tax withholding.

The announcement from the Treasury Department and Internal Revenue Service (IRS) comes amid the coronavirus crisis, which has caused economic setback for many Americans.

"This continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic,” said IRS Commissioner Chuck Rettig. “Even with the new deadline, we urge taxpayers to consider filing as soon as possible, especially those who are owed refunds. Filing electronically with direct deposit is the quickest way to get refunds, and it can help some taxpayers more quickly receive any remaining stimulus payments they may be entitled to.”

Penalties, interest and additions to tax will begin to accrue on any remaining unpaid balances as of May 17, 2021.

Individual taxpayers who need additional time to file beyond the May 17 deadline can request a filing extension until Oct. 15 by filing Form 4868 through their tax professional, tax software or by using the Free File link on IRS.gov. Please note, doing so does not grant an extension of time to pay taxes due. Taxpayers should pay their federal income tax due by May 17, 2021, to avoid interest and penalties.

The IRS urges taxpayers who are due a refund to file as soon as possible. Notably, most tax refunds associated with e-filed returns are issued within 21 days.

State tax returns

Please be advised, the federal tax filing deadline postponement to May 17, 2021, only applies to individual federal income tax returns and tax payments (including tax on self-employment income), otherwise due April 15, 2021.

It does not apply to state tax payments or deposits, or payments of any other type of federal tax. State filing and payment deadlines vary, and are not always the same as the federal filing deadline. The IRS urges taxpayers to check with their state tax agencies for those details.

Shelby White is the corporate communications officer at F&M Trust