UPDATED MARCH 17, 2021: IRS Postpones Tax Deadline To May 17
As of February 11, 2021, the IRS suggested it had no plans to extend the April 15 standard filing tax deadline for 2020, despite the agency delaying the start date for accepting returns to Friday, February 12.
During last year’s COVID-related economic shutdowns and uncertainty, the IRS extended the 2019 tax filing deadline an additional 90 days to July 15. The IRS also allowed delayed estimated payments for 2020 Q1 and Q2 estimated payments.
A number of CPA organizations and Leaders of the House Ways and Means Committee are now calling on the IRS to reconsider a tax deadline extension considering the ongoing pandemic, continual changes to COVID-related stimulus funding, and IRS backlog.
House Ways and Means Committee Chairman Richard E. Neal and Oversight Subcommittee Chairman Bill Pascrell stated, “We want to remind the IRS that many Americans continue to face the same health and economic challenges that necessitated an extension last year. Facing enormous strain and anxiety, taxpayers need flexibility now. We demand that the IRS announce an extension as soon as possible.”
A letter to the IRS on behalf of the National Conference of CPA Practitioners states, “Every tax filing season is fraught with uncertainty. Unfortunately, the circumstances associated with the 2021 filing season are outside of the control of taxpayers, practitioners, and even the IRS. There has been late Congressional action, issues with mail, and many taxpayers still reeling from the effects of the pandemic.”
We will continue to monitor these developments and the impact they may have on your Accounting, Bookkeeping, and/or Business Tax Planning. We also will update Important 2020 Tax Dates as news regarding a potential delay in the 2020 tax deadline develops.
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