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Will The Tax Deadline Be Pushed Back To September?

Will The Tax Deadline Be Pushed Back To September?

Earlier this year, the government pushed back the tax deadline for the first time in history. It may happen again. NBC News is reporting that the Trump administration is considering extending the tax deadline once again, possibly until September 15th or even as far back as December 15th.

The first tax deadline extension was unprecedented. A second extension would be further evidence that we are living in unusual times.

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Why Was the Tax Deadline Extended?

On March 13th, President Trump issued an Emergency Declaration that instructed the Secretary of the Treasury to provide tax relief to Americans who have been affected by the COVID-19 emergency.

In response, the Treasury pushed back the tax-filing deadline from April 15 to July 15th. This was an automatic extension that permitted individuals and businesses to postpone tax returns and income tax payments without having to file a tax extension request or pay any penalties or late fees for income tax payments made beyond that date. (This FAQ page has more details on the original tax deadline extension)

Since this date, the IRS has dealt with decreased manning as many of their employees have been at home under social distancing guidelines.

Why Extend the Tax Deadline Again?

The COVID-19 response has been unprecedented and has put a tremendous amount of strain on many taxpayers and businesses.

Over 30 million workers have filed for unemployment benefits since March. And thousands of businesses nationwide have been forced to shut their doors due to the pandemic.

Extending the deadline again would give struggling individuals and businesses more time to complete and file their tax returns and come up with the necessary money if they owe taxes.

Another reason the Trump administration is looking into this course of action is that Congress is currently stalled on whether or not to create another stimulus package that offers relief to individuals or businesses. The Trump administration has the authority to extend the tax deadline again without going through Congress.

Will A Second Tax Deadline Extension Happen?

Right now this is just one option on the table. The Trump administration hasn’t committed to this extension. However, it is clear that many taxpayers and businesses are still struggling. This could be one way to quickly bring about change that may offer assistance to those who need it.

Of course, there are also other potential stimulus measures that are being discussed, including another potential stimulus check.

 

Source:- forbes

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