IRS plans to push April 15 U.S. tax deadline to May 17 – CNBC

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Taxpayers will have more time to get their taxes in order this year.

The IRS is planning to push back the deadline for filing tax returns by about one month, originally thought to be May 15, from the usual April 15, CNBC confirmed. But because May 15 falls on a Saturday, the final deadline for filers is likely to the following Monday, May 17. The IRS and Treasury didn’t respond to a request for comment on the extension or the exact date.

This will give taxpayers additional time to file their 2020 tax returns and pay any amounts owed to the IRS.

The move from the IRS and Treasury Department comes after calls to extend the tax season increased following the passage of the $1.9 trillion American Rescue Plan, which meant the agency was tasked with sending another round of stimulus payments while processing tax returns and refunds.

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“This extension is absolutely necessary to give Americans some needed flexibility in a time of unprecedented crisis,” said House Ways and Means Oversight Subcommittee Chairman Bill Pascrell Jr., D-N.J., and  House Ways and Means Chairman Richard Neal, D-Mass., in a Wednesday statement citing the extension date as May 17. “Under titanic stress and strain, American taxpayers and tax preparers must have more time to file tax returns.

The latest coronavirus relief bill, which was signed into law by President Joe Biden on March 11, in the middle of tax season, made a number of changes that added to an already complex filing year for many.

The bill made the first $10,200 of unemployment income, or $20,400 for married couples filing jointly, tax-free for filers with 2020 adjusted gross income of less than $150,000 (for both singles and couples).

It also expanded the child tax credit to $3,000 annually for children ages 6 to 17 and $3,600 per year for those under 6. Parents could start receiving a monthly portion of the credit as soon as this summer.

Source Article from https://www.cnbc.com/2021/03/17/irs-pushes-april-15-us-tax-deadline-to-may-15.html

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