IRS Plans to Extend Tax Deadline to May 17

IRS Plans to Extend Tax Deadline

IRS Plans to Extend Tax Deadline to May 17

The Internal Revenue Service is planning to delay the April 15 tax filing deadline by about one month to taxpayers additional time to file returns and pay any amounts owed to the IRS.

Bloomberg reports that the IRS is still figuring out what the final deadline will be. The agency is considering setting the filing deadline either on May 15 or May 17. But the 17th is the more likely options since the 15th falls on a Saturday and the IRS typically delays filing deadlines that fall on a weekend or holiday to the next business day.

The IRS has been urged to extend the deadline because of the changes made by amendments to the $1.9 trillion stimulus bill that was signed into law earlier this month. One provision gives filers a new tax exemption on up to $10,200 of jobless benefits. The individual tax return, Form 1040, is also the mechanism for people to claim any missing $1,200 or $600 stimulus payments from last year.

The changes in tax law will also mean that some filers will have to wait for updated forms, resubmit their returns if they have already filed.

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