IRS Releases Finalized 2021 Publication 505

A finalized version of the 2021 Publication 505, Tax Withholding and Estimated Tax, was released April 12 by the Internal Revenue Service.

The publication was revised slightly from the draft version that was released April 9. For example, two cautionary notes were added for employers:

• “Any payment made with a timely extension request after April 15, 2021, and on or before May 17, 2021, that you later have available as a refund on your 2020 return and elect to credit to your 2021 estimated tax will be credited to your estimated tax on the date the payment was made, ...