- Filers who received an extension on their 2020 tax returns must file them by Oct. 15
- Missing the deadline could result in penalties or a loss of refund
- Ensuring that forms are error-free will avoid delays in processing
Summary by Dirk Langeveld
Business owners who received an extension on their tax deadline must file their returns by Friday.
In March 2021, it was announced that people who requested an extension for filing their 2020 tax returns would have until Oct. 15 to do so. The extension was offered as a way of helping filers cope with the unusual circumstances related to the ongoing COVID-19 pandemic.
Filers who miss the deadline are subject to penalties of 5 percent of the unpaid tax bill each month, capped at 25 percent. While there is usually no penalty for failing to file if the filer is due a refund, they risk losing these funds altogether if they wait too long to file and claim a refund.
Filers should make sure their forms are free of errors to avoid delays in processing. Further information on the Oct. 15 deadline and methods of filing can be found on the Internal Revenue Service website.
