IRS DELAYS FILING DEADLINE ONE MONTH

IRS delays filing deadline one month. The IRS said it’s pushing the tax filing deadline from April 15th, to May 17th. After hearing from multiple Senators and many tax professionals about the strain of the filing season, due to the COVID pandemic. The IRS has been under increasing pressure, due to the overhaul of the oldest computer system in the entire U.S. government, changes to the tax code with the Tax Cuts and Jobs Act, then the Massive $1.9 trillion pandemic relief bill, which added responsibilities to the IRS, which has been underfunded until the Congress recently reversed that. All this seemed to much, and they buckled to the pressure, which made alot of sense. SO the tax filing deadline right now is May 17th, and who knows it could get pushed back again, but don’t count on it, as the IRS says that’s a firm date. IRS delays filing deadline one month.

“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,” IRS Commissioner Charles Rettig stated. After a later than usual February 12th start to the income tax filing season, the April 15th deadline was arriving too soon, according to accountants, certain lawmakers and advocates for elderly taxpayers. More than 100 members of the House of Representatives signed a letter asking the IRS to postpone the deadline. It’ also been a challenging time for the IRS. The tax collection agency was facing mounting pressure for more filing time—especially now that President Joe Biden signed a $1.9 trillion financial rescue bill packed with various tax code changes.  The IRS has to put those changes into effect, especially one provision that waives federal income tax on the first $10,000.

COVID-related pressures. The IRS received 55.7 million income tax returns as of March 5. That’s a 18% fewer returns than received on March 6, 2020. That’s a decrease form the filing rate that the IRS received in the same period last year.