Due to COVID-19, the tax filing and payment due date for returns due on April 15th was moved to July 15th. Many thought that, due to the climate of the economy, they would postpone the deadline again. But on June 29th, The Department of the Treasury announced they will not be further postponing the deadline.
The filing deadline remains July 15th with an extension available to October 15th. Extension forms still need to be e-filed or mailed to the IRS on or before July 15th. The payment deadline remains July 15th.
Many individuals are concerned about being able to pay their tax bills by July 15th. According to the IRS, they will be making more resources available to help individuals who cannot make the payment due to COVID-19. They have laid out multiple options for payments including installment agreements, temporarily delaying collection, and also offers in compromise. Ultimately this is not great for everyone, many people are in financial distress due to the fact that COVID-19 has had a massive negative impact on businesses all around the country.
Additionally, taxpayers who filed a paper return in 2019 and are entitled to a refund are in for a wait as they are backlogged by 4.7 million returns. Thankfully, the Taxpayer Advocate Service (TAS) announced plans to focus on issues involving the COVID-19 pandemic and the CARES Act in this coming year. Hopefully, with enough time and resources, the IRS and TAS can reel in some of these issues to help relieve Taxpayers as soon as possible.
