Three-Year Holding Period for Partnership Interests Acquired for Services
PPP Deadline Extended

Federal Tax Filing Relief

IR-2021-59, issued in response to the continuing pandemic, extends the filing due date for all individual returns (1040 forms), regardless of residence of the taxpayer, and payment of any balance due with the return until May 17. It is important to note that this extension does not apply to estimated tax payments, nor to any other type of return other than Form 1040.

For residents of Texas, IRS Publication 2194 "Disaster Resource Guide" provides a longer extension to file returns and make payments, until June 15, for individuals and businesses located in areas identified by the Federal Emergency Management Agency as a winter storm disaster area. These areas in Texas are identified at Texas Severe Winter Storms (DR-4586-TX) | FEMA.gov. This extension also applies to individuals and businesses not necessarily located in a disaster area that utilize a tax preparer located in a disaster area.

Many states have provided relief similar to the pandemic and winter storm relief. The following is the relief offered by Texas and states adjacent to Texas:

  • Texas has extended its franchise tax deadline from May 15 to June 15.
  • Oklahoma has extended the due dates for individual and business returns and first quarter estimated payments to June 15.
  • Louisiana extended individual, corporate, franchise, fiduciary and partnership returns and payments to June 15.
  • New Mexico extended its deadline for filing and payment of personal income taxes to May 17. The state tax exemption does not apply to business tax returns or estimated payments.

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