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Bloomberg, CNBC, the Wall Street Journal, and Washington Post all reported on Wednesday afternoon, March 17 that the IRS is expected to push the tax deadline until mid-May, not April 15, though no official statement has been made.
Tax season was delayed from the get-go as the IRS began to accept and process tax returns on Feb. 12, which was a two-week delay.
A filing extension would give taxpayers additional breathing room to meet their tax obligations in what has become among the most complicated tax seasons in decades
The delayed filing is due in large part to the IRS facing a massive backlog from the 2019 tax year, and the distribution of stimulus checks to millions of Americans. The American Institute of CPAs previously called for an extension on filing and payment for the 2020 tax year until mid-June.
According to reports, aside from being overwhelmed with tax returns and stimulus check distribution, the IRS is also handcuffed by outdated technology systems and staffing shortages. They're also contending with changing tax codes due to several COVID-19 relief packages.
In a statement made last week, IRS Commissioner Chuck Rettig said that “Even though the tax season is in full swing, IRS employees again worked around the clock to quickly deliver help to millions of Americans struggling to cope with this historic pandemic.”
More guidance from the IRS is expected soon. Check Daily Voice for new information as it is released.
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