new tax act

IRS Tax Deadline Delayed, Is It Enough?


Some members of the tax community—including the influential American Institute of CPAs (AICPA)—don’t believe the IRS went far enough in its recent extension of the tax deadline, though plenty of taxpayers will enjoy the extra time.

Mar 18th 2021
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Bowing to pressure that began nearly as early as tax filing season started, the IRS has finally agreed to postpone the due date for filing 2020 returns, to May 17 (IR-2021-59, 3/17/21), which doesn’t please all tax pros.

As you know, the initial due date for filing 2020 federal income tax returns was Thursday, April 15. However, on March 17 the IRS announced that it was delaying the deadline for one month, until May 15. Since of course May 15th falls on a Saturday, the actual filing deadline is Monday, May 17th. The extension applies automatically—taxpayers don’t have to lift a finger.

As a bonus to taxpayers, the delay also applies to payment of federal income tax liability. No interest, penalty or addition to tax will be imposed as long as the tax filer meets the May 17 deadline.

Citing the COVID-19 pandemic as the main reason for the delay, this marks the second year in a row that the IRS has postponed Tax Day. In 2020, it gave taxpayers three extra months—until July 15, 2020—to file their 2019 returns and pay any resulting tax. 

"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," said IRS Commissioner Chuck Rettig.

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By Skipper50
Mar 19th 2021 12:52 EDT

Enough Pandemic fearmongering. Leave the idiotic tax system like it is, rather than generate even more confusion.

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