IRS Extended Deadline Update

Apr 12, 2021 Denver, CO

As you are likely aware, the IRS extended certain filing deadlines to May 17, 2021. However, this extension does not apply to several important filings, including the following:

Report of Foreign Bank and Financial Accounts (FBARS). FBARS still must be filed or otherwise extended by April 15, 2021.
Gift Tax Returns (Form 709). Gift tax returns must be filed or extended by April 15, 2021, to ensure that they are not filed late.

These are the common forms that many of our clients need to file each year that were not included in the extension the IRS applied to individual income tax returns. Each individual’s filing requirements may differ, so there may be additional forms that need to be filed that were also not extended by the IRS. If you have any concerns that a form or return may not have been extended by the IRS, you should reach out to your accountant or tax preparer to verify the filing deadline to ensure that the forms or returns are filed or extended by the applicable due date. If you are unsure about whether the filing deadline for any form has been extended to May 17, you can file an extension by April 15 as a protective measure to ensure that the filing deadline is ultimately met.

About Greenspoon Marder

Greenspoon Marder LLP is a full-service law firm with over 225 attorneys and more than 20 office locations across the United States. With operations from Miami to New York and from Denver to Los Angeles, our firm attracts some of the nation’s top talent in key markets and innovation hubs. Our core practice areas include Real Estate, Litigation, and Transactional Services, complemented by the capabilities of a full-service firm. Greenspoon Marder has maintained a spot on The American Lawyer’s Am Law 200 as one of the top law firms in the U.S. since 2015, and our goal is to provide exceptional client service by developing a thorough understanding of each client’s business needs and objectives in order to provide strategic, cost-effective solutions.

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This Greenspoon Marder LLP Client Alert is issued for informational purposes only and is not intended to be construed or used as general legal advice nor a solicitation of any type. Please contact the author(s) or your Greenspoon Marder LLP contact if you have any questions regarding the currency of this information. The hiring of a lawyer is an important decision. Before you decide, ask for written information about the lawyer’s legal qualifications and experience.

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