The Internal Revenue Service (“IRS”) is delaying the April 15th deadline for individuals’ federal income tax returns and payments to May 17, 2021. Unlike last year’s relief, which applied to many types of returns, this year’s deadline extension only applies to Form 1040 and Form 1040-SR. This relief does not apply to estimated quarterly payments that are due on April 15, 2021. The IRS recognizes that taxpayers and tax professionals may require additional time to prepare returns given the recent tax changes included in the American Rescue Plan Act of 2021 (“ARPA”), the most recent piece of COVID-19 relief legislation.
For further analysis of how these changes might impact investment managers and private funds, please contact Jonathan P. Brose (212-574-1615), James C. Cofer (212-574-1688), Ronald P. Cima (212-574-1471), Peter E. Pront (212-574-1221), Daniel C. Murphy (212-574-1210), Brett R. Cotler (212-574-1269) or Tyler J. Combest (212-574-1472).