The Internal Revenue Service (IRS) issued news release yesterday indicating that the federal income tax filing and payment due date for individuals for the 2020 tax year will be automatically extended from Apr. 15 to May 17, 2021. The IRS will provide formal guidance in the coming days. As a result, the Wisconsin individual income tax return filing and payment due dates are extended to May 17, 2021. Wisconsin law provides for an extension of time and waiver of interest and penalties when the IRS extends filing deadlines during a presidentially-declared disaster.
“This has been a hard year for everyone. People are still trying to catch up financially and emotionally. Extending the tax deadline to May 17 should help make things a bit easier for those who need the extra time,” said Department of Revenue Secretary Peter Barca.
Individuals do not have to file any extension forms to be eligible for this new due date.
No interest or penalties will accrue during the period of Apr. 15, to May 17, 2021. Interest and late filing fees will apply beginning May 18, 2021.
No underpayment interest will apply for failure to make quarterly estimated individual income tax payments for the 2020 tax year.
This relief is solely for 2020 individual income tax returns and payments that are normally due on due Apr. 15.
This relief does not apply to:
2021 estimated tax payments for individuals, the first payment of which is due Apr. 15, 2021, or to any other returns or tax payments due to the Department of Revenue.
“Roughly, half of all taxpayers in Wisconsin have already filed their tax returns, and most have received refunds, on average over $800,” noted Department of Revenue Secretary Peter Barca. “We are still processing returns and issuing refunds and other credits that Wisconsinites rely on such as the Homestead Credit and Earned Income Tax Credit.”
The Wisconsin Department of Revenue notes that most services are found online at www.revenue.wi.gov
