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Here’s some good news for everyone who hasn’t filed their taxes yet: now you have even more time to send in those pesky forms.
The IRS and Treasury Department has postponed the April 15 tax-filing deadline to May 17, the agencies announced ina joint statementWednesday.
“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 Chuck Rettig said in the release.
The extended deadline only applies to federal income returns and taxes, so taxpayers should still check their state’s filing due date. Additionally, estimated quarterly tax payments will still be due on April 15, the IRS said. Those payments apply to any taxpayer whose tax withholdings are not sufficient to cover their tax obligation for the year.
The IRS added that it would provide clearer insight on the changes in the coming days.
Yesterday’s announcement comes one week after Congresspassed a sweeping $1.9 trillion COVID-19 aid packagecalled The American Rescue Plan, the third major relief bill meant to stem the financial damage from the pandemic and one of the largest such bills in the country’s history. The plan includes stimulus checks for Americans making less than $80,000 as well as expanded tax credits for families.
New Jersey Rep. Bill Pascrell Jr. and Massachusetts Rep. Richard Neal applauded the IRS announcement ina joint statementWednesday, saying the extension is “absolutely necessary to give Americans some needed flexibility in a time of unprecedented crisis.”
The statement continued: “Under titanic stress and strain, American taxpayers and tax preparers must have more time to file tax returns.”
Even with the later deadline, Rettig encouraged taxpayers to still file “as soon as possible.”
“Filing electronically with direct deposit is the quickest way to get refunds,” he said. “It can help some taxpayers more quickly receive any remaining stimulus payments they may be entitled to.”
source: people.com
