IRS delays tax filing deadline until May
The IRS confirmed on Tuesday afternoon that it postponed the deadline until May 17
The IRS appears to have decided to heed the pleas of lawmakers and advocacy groups who have been urging the tax agency to postpone this year’s April 15 filing deadline.
The IRS confirmed on Tuesday afternoon that it postponed the deadline until May 17.
The tax agency said it planned to release additional details in the coming days.
Bloomberg was the first to report on Tuesday that the IRS was planning to delay the deadline by one month.
TAX GROUPS PRESS IRS TO DELAY FILING DEADLINE AMID ADDITIONAL STIMULUS PAYMENTS
There are a number of ongoing factors that are posing a challenge for taxpayers, preparers and the IRS this year.
The IRS began sending out a new round of $1,400 checks to qualifying households over the weekend, in the midst of the current, truncated tax season that opened on Feb. 12.
The agency also had a backlog of millions of individual and business returns that it had not yet processed from last year around the time that this year’s tax season started.
Further, the IRS will likely receive more returns than it typically does because individuals must file a return in order to claim any economic impact payment money that they are entitled to but did not receive automatically.
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The American Institute of CPAs, the National Association of Tax Professionals and some lawmakers have all called for the tax agency to postpone the filing deadline.
Last year, the tax deadline was extended until July 15.
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On top of a shortened season and people filing to reconcile their economic impact payments, many taxpayers may face filing challenges depending on their remote work situation. People may be required to file two state returns this year, and some might even face double taxation.