IRS announces May 17 deadline for 2020 tax returns – giving Americans an extra month to file paperwork due to COVID-19 pandemic
- The IRS usually requires Americans to file their tax returns by April 15th
- This year, they are giving citizens until May 17 to submit all their paperwork
- Millions of Americans have already completed their return to receive $ 1,400 in stimulus payments
- The IRS has confirmed that there are delays in the release of tax refunds, which usually take 21 days to reach bank accounts, due to the release of the stimulus
The Internal Revenue Service has announced that Americans have until Monday, May 17, to file their 2020 tax returns.
The date is a 32-day extension to the regular April 15 deadline, with the IRS responding to concerned citizens who say they need more time to prepare for their return amid the COVID-19 pandemic.
The delay will apply to all individuals who file Forms 1040 and 1040-SR, but those who still need more time can request an automatic extension by completing Form 4868.
That extension gives beneficiaries until October 15 to submit their paperwork, but the IRS has warned people must pay what they owe by May 17 or interest and penalties will apply.
The Internal Revenue Service has announced that Americans have until Monday, May 17 to file their 2020 tax returns
The IRS and the Treasury Department announced last month that they would extend the tax filing deadline, but did not specify a specific date.
At the time, Richard Neal, chairman of the House of Representatives’ Ways and Means committee, praised the move.
“Under tremendous stress and strain, US taxpayers and taxpayers should have more time to file tax returns.” he claimed.
“This extension is absolutely necessary to give Americans the necessary flexibility in a time of unprecedented crisis.”
Since the outbreak of the COVID-19 pandemic, the IRS has also been a major player in handing out government aid payments.
Many Americans have already filed their 2020 tax returns to qualify for the final $ 1,400 stimulus payment passed by Democrat-controlled Congress earlier this year.
However, many have complained of delays in getting the $ 1,400 in their bank accounts due to demand.
In addition, the IRS has confirmed that there have been delays in the release of tax refunds, which usually take 21 days to reach bank accounts.
The underfunded IRS is struggling to issue both tax returns and incentive payments at the same time.
Many Americans have already filed their 2020 tax returns to qualify for a $ 1,200 stimulus payment passed by the Democrat-controlled Congress.