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IRS to Push Tax Filing Deadline to May 17

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A massive backlog has pushed The Internal Revenue Service (IRS) to extend the tax filing deadline.

What We Know:

  • The Treasury Department and the federal revenue service agency, commonly known as the IRS, announced the extension on Wednesday. Now, taxpayers will have until May 17th, 2021, to file taxes for the 2020 tax year.
  • The one-month extension allows taxpayers more time to file their taxes and also grants the IRS more time to process federal tax returns, considering recent changes to tax laws amidst the pandemic. The terms will only apply to filings and payments for federal income taxes, not state income taxes.

IRS Commissioner Chuck Rettig released a statement saying, “This continues to be a tough time for many people, and 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.”

  • This is not the first time the coronavirus pandemic has pushed around deadlines for the agency. Last year, the IRS moved the tax filing deadline out by three months. This year, the IRS began accepting 2020 tax returns on February 12th instead of January 1st. In addition to the pandemic, states like Texas and Oklahoma who are still experiencing after-effects of the winter storm, can expect their tax deadline to be pushed back until June 15th.
  • While the notoriously underfunded agency is also being tasked with issuing a new round of stimulus checks, the IRS encourages taxpayers to file electronically when possible to avoid potential delays in returns or refunds. As of late, USA Today reports that nearly 7 million tax filers who await their tax refunds are already facing significant delays this tax season.

Senate Finance Committee Chair Ron Wyden showed his support for the decision adding, “This filing season has been particularly challenging for low-income taxpayers and small tax preparers […]. With Democrats enacting tax forgiveness for jobless benefits, which tens of millions of Americans received in 2020, one additional month to file is especially important for workers and their families.”

The post IRS to Push Tax Filing Deadline to May 17 appeared first on Black News Alerts.

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