IRS Extends the 2020 Tax Return Filing Deadline to May 17

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.

IRS Form 1040

“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.

Our team of accountants and tax attorneys can help you maximize deductions and save money. Call today at 303-317-6111 for a FREE tax consultation.

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About the Author

A company founder standing by Colorado's Front Range

Tom Conradt

Co-Founder, IRS Collections Defense Attorney

Tom Conradt is the co-founder of Boxelder Consulting & Tax Relief, and has been practicing IRS Collections defense law for the past ten years. Graduating from the University of North Carolina at Chapel Hill, Tom is the lead IRS Collections Defense Attorney and heads the tax resolution department. Tom’s favorite part about working at Boxelder Consulting is hearing about the relief that clients experience after they sign up and start seeing immediate results on their case. Tom enjoys all the outdoor activities Colorado has to offer, including skiing, hiking and climbing. He is also looking forward to the return of indoor pickup basketball.

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