{"id":476793,"date":"2021-04-15T08:03:53","date_gmt":"2021-04-15T12:03:53","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/media-alert-taxpayers-who-require-more-time-despite-the-extended-2021-tax-filing-payment-deadline-have-a-tax-filing-extension-still-available\/"},"modified":"2021-04-15T08:03:53","modified_gmt":"2021-04-15T12:03:53","slug":"media-alert-taxpayers-who-require-more-time-despite-the-extended-2021-tax-filing-payment-deadline-have-a-tax-filing-extension-still-available","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/media-alert-taxpayers-who-require-more-time-despite-the-extended-2021-tax-filing-payment-deadline-have-a-tax-filing-extension-still-available\/","title":{"rendered":"MEDIA ALERT \u2014 Taxpayers who require more time, despite the extended 2021 tax filing &amp; payment deadline, have a tax filing extension still available"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }\n.bwlistcircle { list-style-type: circle }\n.bwlistdisc { list-style-type: disc }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>MEDIA ALERT \u2014 Taxpayers who require more time, despite the extended 2021 tax filing &amp; payment deadline, have a tax filing extension still available<\/b><\/p>\n<p class=\"bwalignc\"><i>Wolters Kluwer Tax &amp; Accounting looks at the requirements for taxpayers considering a tax filing extension<\/i><\/p>\n<p>&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nWolters Kluwer Tax &amp; Accounting:\n<\/p>\n<p><b>What<\/b>: The Internal Revenue Service (IRS) has extended the tax filing and payment deadline for 2020 individual tax returns to May 17, 2021 versus the original April 15 date. This year\u2019s deadline extension is not as long as the IRS extension for 2019 tax returns filed last year and shorter than many tax return preparers were hoping would be enacted. Filing for an automatic tax filing extension is an increasingly popular option for taxpayers and tax return preparers who need a little more time.\n<\/p>\n<p><b>Why<\/b>: With all the changes to tax regulations brought by the COVID-19 pandemic relief legislation, many taxpayers may find that they need a little extra time to collect all of the necessary tax documents and information. And, with the tax filing season starting later this year on February 12, 2021 as well as additional complications in preparing tax returns from the COVID-19-related tax changes, tax return preparers may find that their workload requires some taxpayers to request a filing extension.\n<\/p>\n<ul class=\"bwlistdisc\">\n<li>\nAlthough a filing extension is automatically approved, it still requires the filing of a Form 4868 to inform the IRS of the extension\n<\/li>\n<li>\nThe extended deadline for filing the individual tax return is October 15, 2021, a deadline that is not further extended with the extended filing and payment deadline of May 17, 2021\n<\/li>\n<li>\nThe filing of Form 4868 only extends the time for filing the tax return, not for paying the tax due\n<\/li>\n<li>\nNo late-payment penalty will be imposed if the income tax paid through withholding, estimated tax payments, or any payment with Form 4868 totals at least 90 percent of the total tax due on the taxpayer\u2019s return, and if the remaining unpaid balance is paid with the return within the extension period\n<\/li>\n<li>\nA failure to pay estimated tax penalty may apply if an individual expects to owe at least $1,000 in taxes with the tax return filing or filing of the Form 4868\n<\/li>\n<li>\nThe estimated tax penalty may be avoided if each of the four required estimated tax payments for the tax year is 25 percent of the lesser of:<\/p>\n<ul class=\"bwlistcircle\">\n<li>\n90 percent of the tax shown of the individuals\u2019 tax return for the year; or\n<\/li>\n<li>\n100 percent of the tax shown on the prior year\u2019s tax return (110 percent in the case of an individual with adjusted gross income in excess of $150,000, or $75,000 if married filing separately)\n<\/li>\n<\/ul>\n<\/li>\n<li>\nIf income is earned unevenly through the year, Form 2210 may be filed with the tax return to show the uneven income and avoid a penalty if the four required estimated tax payments are not each 25 percent of the total but reflect the uneven income as earned\n<\/li>\n<\/ul>\n<p><b>Who<\/b>: Tax expert Mark Luscombe, JD, LL.M, CPA, Principal Federal Tax Analyst at <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Ftaxna.wolterskluwer.com&amp;esheet=52412103&amp;newsitemid=20210415005324&amp;lan=en-US&amp;anchor=Wolters+Kluwer+Tax+%26amp%3B+Accounting&amp;index=1&amp;md5=7371d5891a905c4ff0683b18ea39348e\">Wolters Kluwer Tax &amp; Accounting<\/a>, can help discuss the current tax filing extension requirements.\n<\/p>\n<p><i>PLEASE NOTE: These materials are designed to provide accurate and authoritative information in regard to the subject matter covered. The information is provided with the understanding that Wolters Kluwer Tax &amp; Accounting is not engaged in rendering legal, accounting, or other professional service.<\/i><\/p>\n<p><b>Contact:<\/b> To arrange an interview with Mark Luscombe or other federal and state tax experts from Wolters Kluwer Tax &amp; Accounting on this or any other tax-related topics, please contact Bart Lipinski.\n<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210415005324r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20210415005324\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20210415005324\/en\/<\/a><\/span><\/p>\n<p>\nBART LIPINSKI<br \/>\n<br \/>847-267-2225<br \/>\n<br \/><a rel=\"nofollow\" href=\"mailto:Bart.Lipinski@wolterskluwer.com\">Bart.Lipinski@wolterskluwer.com<\/a><\/p>\n<p><b>KEYWORDS:<\/b> United States North America New York<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Consulting Accounting Professional Services Finance<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20210415005324\/en\/716975\/3\/WK_H_01_Pos_RGB_2400_Color.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>MEDIA ALERT \u2014 Taxpayers who require more time, despite the extended 2021 tax filing &amp; payment deadline, have a tax filing extension still available Wolters Kluwer Tax &amp; Accounting looks at the requirements for taxpayers considering a tax filing extension &#8211;(BUSINESS WIRE)&#8211; Wolters Kluwer Tax &amp; Accounting: What: The Internal Revenue Service (IRS) has extended the tax filing and payment deadline for 2020 individual tax returns to May 17, 2021 versus the original April 15 date. This year\u2019s deadline extension is not as long as the IRS extension for 2019 tax returns filed last year and shorter than many tax return preparers were hoping would be enacted. Filing for an automatic tax filing extension is an increasingly popular option for &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/media-alert-taxpayers-who-require-more-time-despite-the-extended-2021-tax-filing-payment-deadline-have-a-tax-filing-extension-still-available\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;MEDIA ALERT \u2014 Taxpayers who require more time, despite the extended 2021 tax filing &amp; payment deadline, have a tax filing extension still available&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-476793","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>MEDIA ALERT \u2014 Taxpayers who require more time, despite the extended 2021 tax filing &amp; payment deadline, have a tax filing extension still available - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/media-alert-taxpayers-who-require-more-time-despite-the-extended-2021-tax-filing-payment-deadline-have-a-tax-filing-extension-still-available\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MEDIA ALERT \u2014 Taxpayers who require more time, despite the extended 2021 tax filing &amp; payment deadline, have a tax filing extension still available - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"MEDIA ALERT \u2014 Taxpayers who require more time, despite the extended 2021 tax filing &amp; payment deadline, have a tax filing extension still available Wolters Kluwer Tax &amp; Accounting looks at the requirements for taxpayers considering a tax filing extension &#8211;(BUSINESS WIRE)&#8211; Wolters Kluwer Tax &amp; Accounting: What: The Internal Revenue Service (IRS) has extended the tax filing and payment deadline for 2020 individual tax returns to May 17, 2021 versus the original April 15 date. This year\u2019s deadline extension is not as long as the IRS extension for 2019 tax returns filed last year and shorter than many tax return preparers were hoping would be enacted. Filing for an automatic tax filing extension is an increasingly popular option for &hellip; Continue reading &quot;MEDIA ALERT \u2014 Taxpayers who require more time, despite the extended 2021 tax filing &amp; payment deadline, have a tax filing extension still available&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/media-alert-taxpayers-who-require-more-time-despite-the-extended-2021-tax-filing-payment-deadline-have-a-tax-filing-extension-still-available\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2021-04-15T12:03:53+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20210415005324r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/media-alert-taxpayers-who-require-more-time-despite-the-extended-2021-tax-filing-payment-deadline-have-a-tax-filing-extension-still-available\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/media-alert-taxpayers-who-require-more-time-despite-the-extended-2021-tax-filing-payment-deadline-have-a-tax-filing-extension-still-available\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"MEDIA ALERT \u2014 Taxpayers who require more time, despite the extended 2021 tax filing &amp; 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