Tax filing deadline looms

The tax filing deadline for Texas residents is coming up on Tuesday, June 15.

In the wake of the disastrous February winter storms that shut the entire state down, the Internal Revenue Service announced that taxpayers in all 254 Texas counties will have until June 15, 2021 to file various individual and business tax returns and make tax payments.

The June 15, 2021 deadline applies to the first quarter estimated tax payment due on April 15. It also applies to the quarterly payroll and excise tax returns normally due on April 30, 2021. It applies to tax-exempt organizations, operating on a calendar-year basis, that have a 2020 return due on May 17, 2021. In addition, penalties on deposits due on or after February 11, 2021 and before February 26, 2021, will be abated as long as the tax deposits were made by February 26, 2021. Taxpayers also have until June 15 to make 2020 IRA contributions.

Click here for more information.

Similarly, the Texas Comptroller’s Office extended the franchise tax deadline to June 15.

“To assist businesses coping with the unprecedented winter storm and resulting power outages and water shortages, we thought it appropriate to align the state’s franchise tax deadline with the IRS deadline, just as we did last year when the IRS moved its filing deadline back because of the pandemic,” Hegar said. “Texas businesses and business owners should be focused on recovery efforts and the health and well-being of their families, employees and communities, and I am hopeful this action gives them that added flexibility.”