The IRS announced Wednesday that it will delay the April 15 tax-filing deadline to May 17. This gives individual taxpayers an extra month to file their 2020 returns and pay any outstanding levies.
The announcement comes several weeks after Congress called for an extended tax season to help taxpayers struggling during the COVID-19 pandemic. And though it’s not as large a delay as last year’s three-month extension, it’s still time we could all use to our advantage.
“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. “Even with the new deadline, we urge taxpayers to consider filing as soon as possible, especially those who are owed refunds.”
If you want your refund as quickly as possible, we still recommend filing electronically with direct deposit ASAP. Especially with a massive, nearly five-month paper-processing delay at the IRS, electronic filing is the best action you can take to minimize your wait time. And, filing well before the new deadline can help you recover missing stimulus payments more quickly.
But if you’re a small business owner, the delay does not apply to the first-quarter 2021 estimated tax payments. Those payments are still due on April 15. This could make things particularly confusing for certain types of taxpayers.
Have Questions? Call Boxelder Consulting.
Boxelder Consulting is your one-stop-shop for all things taxes. If you have any questions on how to navigate this unprecedented tax season, don’t hesitate to reach out.