Another tax deadline 2020 pushed back to make tax-filing and settling of bills easier on the people. The IRS (Internal Revenue Service) and the Treasury department postponed the tax deadline 2020 that was due on the 15th of April to the following month, on May 17th.
The news was confirmed this Wednesday, March 17th after the official announcement came from the agency officials. The statement mentioned the reason for the deferral to the Covid-19 outbreak. According to the IRS officials, the previous year as well as the time that we are going through collectively has been tough on the people. The IRS wants to help in every possible way. The statement made by Chuck Rettig, IRS Commissioner, read that they are doing everything to “navigate the unusual circumstances related to the pandemic” to help taxpayers.
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The postponement generally applies to all taxpayers who have a filing or tax deadline 2020 between April 1 and July 15, 2020, reads the official statement on the IRS website. Individuals, trusts, estates, corporations and other non-corporate filers qualify for the deferral. The IRS will be providing formal guidance in the coming days.
The office of the IRS also mentioned that the extension applies to federal income taxes and returns. This means that taxpayers will have to check with their state tax agencies to confirm whether state tax deadline 2020 has been extended or not. This is advisable because not all states go by the federal deadline.
Recent reports suggest that this new move by the IRS comes after the passing of the $1.9 trillion relief plan. After the passing of that bill, the treasury department has been handed the task of sending out the stimulus payments along with the filing of the tax returns. Many are of the opinion that this is the catalyst behind the extension of the tax deadline 2020.