The big news recently was an extension of the income tax filing and payment deadline for individuals from April 15 to May 17, 2021. But the IRS just announced the deadline is also extended to May 17 for tasks including: 1) making contributions to IRAs and Roth IRAs and 2) reporting and paying the 10% additional tax on 2020 distributions from IRAs or employer-based retirement plans. However, the deadline for filing Form 5498, “IRA Contribution Information” series returns, is extended to June 30, 2021. The deadline also is extended to May 17 for making contributions to Health Savings Accounts, Archer Medical Savings Accounts and Coverdell education savings accounts. (Notice 2021-21) Call or visit our website for more information! www.mjscpa.com/
