The Treasury Department and Internal Revenue Service announced on March 17 that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021 to May 17, 2021. The IRS will be providing formal guidance in the coming days. Firms should assist individual taxpayers in understanding that in addition to the filing deadline being postponed individuals can also postpone federal income tax payments for the 2020 tax year due on April 15 to May 17, without penalties and interest, regardless of the amount owed. This postponement applies to individual taxpayers, including individuals who pay self-employment tax. This relief does not apply to estimated tax payments that are due on April 15. The federal tax filing deadline postponement to May 17, only applies to individual federal income returns and tax (including tax on self-employment income) payments otherwise due April 15. Earlier this year, the IRS announced relief for victims of the February winter storms in Texas, Oklahoma and Louisiana. These states have until June 15 to file various individual and business tax returns and make tax payments. This extension to May 17 does not affect the June deadline.