To give some breathing room to Americans in an unusually chaotic filing season, the IRS is currently arranging to delay its customary April 15 tax filing deadline and moved it until May 17.
IRS Delays Tax Filing
The IRS was asked by accountants across the US to push back the deadline of submission given the ongoing challenges of the COVID-19 pandemic for taxpayers and also by the tax agency, as they are still dealing with a backlog of last year's tax returns. The delay in the tax deadline was initially reported by Bloomberg News.
According to CBS News, the IRS and the Treasury confirmed late Wednesday that the deadline of the tax filing would be postponed and moved until May 17. Also, the tax payments deadline, which includes the quarterly self-employment taxes or underpaid tax amounts, will be pushed back as well until May 17.
Moreover, this week, the American Institute of CPAs urged the tax agency in delaying the tax filing deadline and cited the impact of the pandemic not only on the taxpayers in the United States but on the IRS as well, which is still digging out of a backlog of tax returns which was files last tax filing season. On Wednesday, lawmakers also applauded the extension given by the IRS as they have mentioned that it is absolutely necessary, The New York Times reported.
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Meanwhile, Meredith Tucker, tax principal at accounting firm Kaufman Rossin, shared that the practitioners have been saying that they were there working, however, there are not enough hours in the day to get everything completed that has been place in front of them. She added that it is tough to think that they will be under tax season for another month and they just need extra time.
In addition, tax preparers have been assessing the changes to the tax code brought by the American Rescue Plan which was signed by US President Joe Biden last week, as it will have impact issues starting from the taxes on unemployment aid to the Child Tax Credit and also as loans from the Paycheck Protection Program. The extension also applies to individual taxpayers based on the IRS, which includes those who pay self-employment taxes, such as sole proprietors and gig-economy workers and it also added that individual taxpayers no longer need to file any forms or call the tax agency in order to qualify for the May 17 extended deadline, NPR reported.
Curtis Campbell, TaxAct's president shared that given the previous tax seasons, it is likely that only half of the taxpayers were able to file their returns. Campbell also mentioned that even with extra hours and room for submission, taxpayers should still plan on getting their returns to the IRS sooner rather than later.
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The president of TaxAct also added that he would like to advise folks to still file as soon as they can, especially they will need their tax refund. He also added that the IRS is doing everything that they can in helping and delivering the quickest possible way for consumers and getting them the latest and the updated information may help tax filers to get their return and potential economic payments in the future faster.
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