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Federal Income Tax Due Date Postponed to May

March 19, 2021

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The IRS announced on Wednesday that the due date for individual federal income tax returns has been postponed to May 17, 2021.  The postponement also applies to individuals who pay self-employment tax.  The extension is automatic: individuals will not need to apply or otherwise alert the IRS in order to take advantage of the extension.

Individuals who need additional time to file beyond May 17 can still apply for an extension to file before October 15.

This extension does not apply to estimated payments that are due on April 15, nor does it apply to federal gift tax returns or income tax returns for trusts and estates.

BCLP Senior Counsel Lawrence Brody in December 2019/ January 2020 STEP Journal

Lawrence Brody authored an article in the December 2019/ January 2020 STEP Journal titled US Taxation of Death Benefits.  This article discusses the US income taxation of life insurance death benefits, particularly the exceptions to the general rule that proceeds paid by reason of the death of insured are not included as a part of the beneficiary’s taxable income. The complete article can be accessed by STEP members here.

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