IRS to Delay Tax Filing and Payment Deadline by More Than a Month
The Internal Revenue Service announced Wednesday that it would delay tax filing and payment due dates until Mid-may due to a processing backlog, efficiency effects from the lockdowns, and measures in the COVID stimulus bill.
The Department of the Treasury and the IRS confirmed Wednesday that income tax filings, including quarterly payments and underpaid tax payments, would be postponed until May 17 giving filers more than a month extra to get forms and checks into the government.
“The IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities,” IRS Commissioner Chuck Rettig said in a statement.
The COVID stimulus bill, a.k.a. The American Rescue Plan Act, made changes to the Child Tax Credit, how unemployment benefits are taxed, and the handling of Paycheck Protection Program loans requiring accountants, tax services, and bookkeepers to scramble with little time before the traditional April 15 deadline.
“Never before has the law changed so substantially in the middle of tax filing season,” Patrick Thomas, director of Notre Dame Law School’s Tax Clinic, said in a statement.
‘We’re here, but there aren’t enough hours in the day to get everything done that has been put in front of us,'” said Meredith Tucker, tax principal at accounting firm Kaufman Rossin. “It’s tough to think we will be under tax season for another month, but we need more time.”
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