Tax Notes

The IRS extends tax filing deadline to May 16 for Marshall wildfire victims

Businesses and Individuals affected by the Marshall fires have been granted additional time to file their 2021 tax returns by the IRS. These returns are now due May 16, 2022. These include:

  • Individual tax returns, originally due April 18
  • Business returns, originally due March 15 or April 18
  • Individual taxpayers can skip making the fourth quarter estimated tax payment, normally due January 18, 2022, and instead include it with their 2021 return filed on or before May 16.
  • Individual taxpayers will have until May 16 to make 2021 IRA contributions

These delays will be automatically granted for individuals or businesses with addresses in Boulder County at the time of the fires.

General Tax Filing Deadlines

(May change due to weekends, holidays, and pandemics.)

March 15

  • Partnerships
  • S-Corporations

April 15

  • Individuals
  • C-Corporations
  • Estates
  • Trusts

September 15

  • Partnerships – extended
  • S-Corporations – extended

October 15

  • Individuals – extended
  • C-Corporations – extended
  • Estates – extended
  • Trusts – extended

Quarterly Estimated Payments

  • April 15
  • June 15
  • September 15
  • January 15 (for previous tax year)

Child Tax Credit update

Many parents were thrilled to have hundreds of dollars suddenly land in their bank accounts in July, as the Internal Revenue Service distributed the first of six monthly child tax credit payments.

However, receiving the monthly payments could lead to some surprises at tax time in the spring, particularly for parents in certain situations.

Unlike the three rounds of stimulus checks that many Americans received during the pandemic, the monthly deposits are actually early payments of families’ estimated child tax credits for 2021. But the payments are based on 2020 or 2019 income and household size. So, if either of those change, parents could wind up receiving much smaller refunds than expected – or even owing taxes – when they complete their 2021 returns next spring.

Give us a call if you have questions about your specific situation.

Mosaic Tax Group LLC


2590 Trailridge Drive E, Suite 201 Lafayette, CO 80026