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IRS pushing tax deadline to May

1 month 1 day 20 hours ago Wednesday, March 17 2021 Mar 17, 2021 March 17, 2021 4:55 PM March 17, 2021 in News
Source: Bloomberg
Photo: MGN

The Internal Revenue Service will be delaying the U.S. tax deadline, pushing the due date to May 17.

According to Bloomberg, accountants and lawmakers pushed for this change, citing complications from the ongoing pandemic and new legislation. The new deadline is a little more than a month past the traditional deadline of April 15.

Amendments to the $1.9 trillion stimulus bill have further changed this tax season, allowing filers a new tax exemption for jobless benefits, up to $10,200. Another change comes with Form 1040, which will allow people to claim missing stimulus payments from last year.

“This extension is absolutely necessary to give Americans some needed flexibility in a time of unprecedented crisis,” House Ways and Means Chair Richard Neal and Representative Bill Pascrell, head of the panel’s oversight subcommittee, said. “While we are pleased with this 30-day extension, we will continue to monitor developments during this hectic filing season.”

The IRS is currently behind last year's numbers for the number of filed and processed tax returns, along with the number of refunds issued. The filing season started Feb. 12, delayed two weeks due to the COVID-19 pandemic.

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