The move provides more breathing room for taxpayers and the IRS alike to cope with changes brought on by the pandemic.
The bill made the first $10,200 of unemployment income, or $20,400 for married couples filing jointly, tax-free for filers with 2020 adjusted gross income of less than $150,000 (for both singles and couples). Depending on when you filed your 2020 return, the new stimulus payment may be based on that return. If payers still need more time to submit their returns, they can request an extension (but not taxes owed) until October 15 by filing Form 4868. The new deadline also applies to individuals who pay self-employment tax.
If you have already filed your tax return, you may not need to take any further action.
If you need additional time to file after the May 17 deadline, you can request a filing extension until October 15, 2021, by filing Form 4868. (D-N.J.) wrote a letter Tuesday to the commissioner of the IRS and the Acting Assistant Secretary of the Treasury for Tax Policy, asking to push the filing deadline back.
Following a year like no other in history, the main income tax filing deadline is less than a month away. Make sure to consult with a tax professional before filing the amended return if you have any questions or are unclear about the process.
The tax extension also comes as the IRS has been handed another big task: processing a third round of direct payments to households, this time for $1,400 each. Most people automatically have their taxes withheld from their paychecks and submitted to the IRS by their employer.
"When the IRS delayed the payment deadline previous year, in the first month of the pandemic, OR quickly followed the suit".
Utah will follow suit with the federal government in pushing back the date that taxes are due, the State Tax Commission said Wednesday.
They added: 'This extension is absolutely necessary to give Americans some needed flexibility in a time of unprecedented crisis'.
The IRS shared the full scope of its backlog in recent days with the House Ways and Means Committee and the agency's internal watchdogs, which was later reviewed by the Washington Post. Included were people who don't typically file a return but who used a non-filers tool at IRS.gov a year ago to be included in two earlier rounds of COVID-19 relief payments.
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