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Federal and Minnesota Income Tax Filing and Payment Grace Period to May 17

ST. PAUL, Minn.– In following with the IRS, the Minnesota Department of Revenue has announced a grace period for taxpayers filing their annual Minnesota Individual Income Tax return for tax year 2020. Those taxpayers now have until May 17, 2021, to file and make their payments without any penalty or interest.

“This grace period for the individual tax filing and payment deadline provides timely relief to Minnesota families,” said Governor Tim Walz. “As we work to get through the COVID-19 pandemic together, my Administration will do everything we can to ease the burden on Minnesotans.”

Minnesota is allowing additional time for making 2020 state individual income tax filings and payments to May 17, 2021, without any penalty and interest being applied.

This grace period does not include individual estimated tax payments.

“As Minnesota continues to respond to the COVID-19 pandemic, we will again provide a grace period for filing and paying 2020 individual income taxes,” said Revenue Commissioner Robert Doty. “You do not have to wait until May 17, 2021, to file your return. The sooner a return is filed, the sooner the department can review and process the return.”

Revenue is committed to working with our customers and partners in tax preparation during this difficult time. Up-to-date information will be available on the department’s COVID-19 website

Have you already filed your tax return and you had 2020 unemployment benefits? 

The IRS will automatically process refunds for individuals who paid taxes on their unemployment benefits before Congress passed a law making those payments tax-free, Commissioner Chuck Rettig said. 

To learn more https://www.accountingtoday.com/articles/irs-to-automatically-process-refunds-on-jobless-benefit-payments

Welcome To KWG Advisors

Providing Personalized Guidance Tailored for Each Client's Journey

KWG Advisors inherited a legacy of professional, dependable and intelligent tax preparation, business bookkeeping and consulting services established by Wally Kopisca, CPA over fifty years ago in downtown Shakopee, MN. That tradition of adept and dedicated client service continues to be the cornerstone of our firm as we seek to firmly position ourselves as your trusted financial partner – from Tax Preparation to Business Accounting and Consulting and Financial Services – we are here to offer our guidance for your journey.  

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