New IRS Decision Affects Millions of Americans

New IRS Decision Affects Millions of Americans

(RepublicanPress.org) – Millions of Americans are suffering from the nation’s economic downturn in the wake of the harsh restrictions accompanying the COVID-19 pandemic. The IRS began distributing economic relief payments to eligible Americans after President Joe Biden signed the measure into law on March 11. However, the agency had another trick up its sleeve for millions of American taxpayers.

On Wednesday, March 17, the IRS announced it extended the due date for filing federal tax returns from April 15 to May 17. Taxpayers don’t need to file any forms or contact the IRS to take advantage of the extension. It’s automatic for everyone.

The IRS acknowledged the past year had been “a tough time” for many Americans. The agency explained it wanted to continue doing “everything possible” to help taxpayers work through the many challenges they faced due to the pandemic.

Taxpayers and accountants also faced the grim prospect of wading through numerous tax-code changes included in the Democrats’ $1.9 trillion relief package.

Additionally, there are some other issues Americans need to know about.

Additional Concerns

The IRS also extended the deadlines for paying any owed taxes for the year without any interest or penalties to May 17. However, self-employed workers and others required to pay quarterly tax estimates will still be required to make those payments by April 15.

Although the IRS extended the federal deadline for filing taxes, the District of Columbia and the 42 states requiring annual tax returns were not bound to follow that directive. For that reason, taxpayers need to check with their state tax offices to determine the proper filing date.

Lastly, victims of the winter storms in Louisiana, Oklahoma, and Texas already have until June 15 to file their tax returns and make any applicable payments. The extension of the deadline for everyone else to May 17 does not apply to them.

Taxes can be a confusing topic for many individuals during the best of times, much less during a global pandemic. If you have any questions, contact a tax accountant or attorney or go to the official IRS website at www.IRS.gov.

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