The Internal Revenue Service (IRS) appears to have decided to heed the pleas of lawmakers and advocacy groups who have been urging the IRS to delay this year’s April 15 tax filing deadline.
Rep. Richard E. Neal, D-Massachusetts, chairman of the House Ways and Means Committee, said in a statement Tuesday (March 16) that the agency has decided to postpone the tax filing deadline to May 17, FoxBusiness.com reported.
Neal said, “Under tremendous pressure and burden, American taxpayers and tax return agents must have more Time to file their taxes.”
An IRS spokesperson did not respond to FoxBusiness.com’s request for comment.
There are many factors that still persist this year that pose challenges for taxpayers, tax return preparers and the IRS.
Over the weekend, the IRS began issuing a new round of $1,400 bailout checks to eligible families. This is in the midst of the shortened tax filing season that began on Feb. 12.
The IRS also has a backlog of millions of individual and business tax returns that have not been processed since the start of this year’s tax season.
In addition, the IRS is likely to receive more tax returns than it normally would. This is because individuals must file tax returns with the IRS in order to receive any relief, allowances for which they are eligible but are not automatically entitled.
The American Institute of CPAs, the National Association of Tax Professionals and some lawmakers have called on tax agencies to delay this year’s tax filing deadline.
Last year, the deadline was extended to July 15.
In addition to the shortened filing season and the fact that people must file to receive their relief, many taxpayers may face tax filing challenges due to teleworking situations. Some may be required to file two different state tax returns this year, and some may even face being double taxed. Because the state in which they work remotely online may be different from the state in which they previously worked and filed their income tax returns, and different states have different regulations on this, it can lead to a more complicated tax filing situation.
Recent Comments