Just this morning, the Internal Revenue Service has announced that the individual income tax filing deadline has moved from April 15, 2021 to May 15, 2021. Since this day is on a Saturday, it most likely means that the actual date will be May 17, 2021. This would not only be a one month extension to file, it is also a one month extension to pay. While no additional details were provided, as was last year, the first quarter estimated tax payment deadline will also be moved one month later as well.
We expect that this could change again, so please stay tuned for more information.
Our primary commitment at Phocus Accounting and Tax is to you, our great clients!
However, we cannot ignore the needs of our team that works tirelessly for each and every one of you. Last year was an unprecedented season that in all honesty never ended for us. The extension until July 15, 2020 last year was more of a curse than a blessing, and provided us with a very short second season to work through all of our extensions, and then the accounting and planning work before year end to complete. With all of the additional responsibilities we faced, our team experienced a tax season that never ended and rolled right into this years season, leaving our team rather depleted as a result.
With 14 months straight of working extended hours every week and minimal opportunities to take time off and recharge, we have made the decision to continue to work internally as though the filing deadline is still April 15, 2021. We will continue to push our hardest until that date, and then allow the staff to slow down to a more normal pace as they would be doing without this change. We will as always do everything in our power to complete returns by the original filing deadline for those that have timely submitted their information.
Thank you once again for allowing us at Phocus to be your Trusted Advisors!