Today is not tax day!
Due to the Covid crisis, the original filing and payment due date was pushed to May 17 to give individual filers, tax preparers and the IRS itself more time to sort through the many changes affecting one's 2020 taxes from the latest Covid relief package.
Unless you choose to file for an extension you must file and pay any remaining federal income taxes you owe for 2020 by May 17.
That way, you will avoid being hit with any potential late filing or late payment penalties.
Time is running out for Floridians to claim their tax refund for 2017.
“There’s only a three-year window to claim these refunds, and the window closes on May 17,” said IRS Commissioner Chuck Rettig.
More than 89,000 residents may be owed a 2017 refund, with a median return of $870. Refunds in the amount of about $1.3 billion are due to people across the United States.
“We want to help people get these refunds, but they will need to quickly file a 2017 tax return,” said Rettig.
The IRS is delaying the traditional tax filing deadline from April 15 until May 17.
The move provides more time for taxpayers and the IRS to cope with the changes brought on by the pandemic.
“The IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities,” IRS Commissioner Chuck Rettig said in a statement.
The decision postpones when individual taxpayers must file their return and when their payment is due. Taxpayers who owe money would not face penalties or interest if they pay by May 17, and the new deadline also applies to individuals who pay self-employment tax.
Those who need more time beyond May 17 can request an extension until October 15.
Estimated tax payments that are due on April 15; remain due by that day.
“This extension is absolutely necessary to give Americans some needed flexibility in a time of unprecedented crisis,” said Chairman Richard Neal, D-Mass. and Rep. Bill Pascrell Jr., D-N.J..
The IRS continues to urge people to file as soon as possible, particularly those who are owed refunds.
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