Could Tax Day 2020 still get extended? How the April 15 deadline to file taxes might changeMarch 9, 2021
The asked the IRS once again to extend tax-filing season to give taxpayers financial relief that’s come about as a result of the .is a little over a month away, adding pressure to an already stressful year for many people. started a little later than usual this year, making the time to prepare and file shorter than in previous years. Last month, a House of Representatives committee asked the IRS for a nationwide extension, but the IRS did not publicly respond. On Monday, the House
In the House’s letter to the IRS, representatives reported that at the end of February “the number of returns filed was down by nearly 25% from last year at the same time, and the number of returns processed by the IRS was down by 31%.” The IRS shifted the deadline back to July 15 last year to help struggling families who had experienced job losses due to COVID-19 company closures across the country.
On the flip side, if thegets pushed back this year, it could affect more than , if you’re expecting one. This year, your will be linked to your taxes, and could be used to determine how much money you’ll get in a , plus it could affect . Here’s what you need to know about this year’s Tax Day and how moving it back could affect you in more ways than one.
What is the House asking the IRS to do about this year’s tax due date?
On Feb. 18, the House Ways and Means Committee sent a letter to the IRS, urging the agency to delay the deadline to file your tax return this year beyond April 15. It never heard back, so on March 8, it sent another letter, with the same message as the first.
The letter didn’t suggest a specific new due date to file federal taxes, but it did point out that the IRS shifted back the deadline for 2019 taxes by three months, to July 15, because of the coronavirus. The committee urged the IRS to extend the tax return filing season again this year, to prevent “enormous strain and anxiety.”
The IRS hasn’t publicly responded to the committee’s request. CNET has reached out to the IRS for comment.
Would a new tax deadline affect the third round of stimulus checks?
Since stimulus payments and, pushing back the tax date would affect the .
First, Congress proposes to have the IRS use, if processed, when it determines the amount you’d get in your . Specifically, the IRS would look at the , on your 2020 form to help figure out your payment, using a . But the tax agency would use your 2019 return if your 2020 taxes haven’t been accepted by the time a new bill is passed. That could work in your favor if your income from 2019 was lower than your income from 2020. However, if your 2020 tax return would , like if you , you’d want to file as soon as possible, so the IRS processes your 2020 taxes before releasing .
Postponing the tax deadline would, but again, it would also mean you’d have to any missing stimulus money, and if there’s a difference between your 2019 and 2020 taxes, you’d have to wait .
What a new tax deadline could mean for any of your missing stimulus payments
Your federal tax returns this year are also how you’ll recover any money the IRS owes you from the first two. If you either didn’t get a payment or got less than you were , you can as a rebate credit when you file this year. — those who aren’t normally required to file a tax return. If you wait to file your taxes closer to a new, later due date, you’re also , which will be bundled .
If the IRS extends the filing deadline, will that delay me from paying my taxes, too?
If you, that gives you more time to complete and send in your paperwork to the IRS. But that doesn’t get you off the hook for any taxes you owe. Whether it’s April 15 or a later date, or you’ll also be responsible for paying interest accrued on the amount plus a late-payment penalty.
Would my state’s tax due date be the same as the new deadline?
Last year, all states that collect personal income tax shifted their filing deadlines to around the July 15, 2020, federal tax deadline, according to the American Institute of CPAs. If the IRS postpones the filing deadline again this year, we expect states to follow.
For more details on taxes this year, we spell out the, and when you file your taxes.
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