July 13, 2020
Filing and Payment Deadline Extended to July 15, 2020 The filing deadline for tax returns has been extended from April 15 to July 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible. For those who can’t file by the July 15, 2020 deadline, the IRS reminds individual taxpayers that everyone is eligible to request an extension to file their return.
Get more with these free tax calculators and money-finding tools:
W-4 Withholding Calculator
Tax Bracket Calculator
Online Software Products
CD/Download Products are readily available to aid you in filling:
Mobile Tax App
Help and Support sites
Tax Tools and Tips
Turbo Tax program
According to the New York Times:
“About142 million taxpayers had filed returns as of July 3, according to I.R.S. statistics, but the agency has struggled to process returns because of reduced staffing during the pandemic. (In addition to its usual duties, the agency sent out about 160 million stimulus payments this spring, as part of the federal pandemic aid program.) The agency had processed about 131 million returns as of July 3 — 10 percent fewer than the same time last year. And some taxpayers are facing long delays in getting the refunds they’re owed, according toa report from Erin Collins, the new national taxpayer advocate, who represents filers. And some taxpayers are facing long delays in getting the refunds they’re owed, according to a report from Erin Collins, the new national taxpayer advocate, who represents filers.Some returns were mistakenly flagged by tools aimed at detecting fraud. Some fraud filters are wrong more than half the time, the report said. Once a return is flagged, the I.R.S. often asks filers to mail extra documents — but the agency hasn’t opened or processed all the mailings, delaying the refunds. The report said the delays “notably” affected people who claimed the earned-income tax credit or the additional child tax credit, both of which mostly help low- and moderate-income filers.”
In conclusion, if you’re owed a refund, be prepared to wait: The I.R.S. has a huge backlog. I encourage you to gather all your receipts, calculator, Turbo Tax/other relevant software, and file your taxes as soon as you can. According to the professionals, we might have to wait to get our refunds.
What do you think about the new tax dat, of July 15, and the possibility of a backlog and delay of individual refunds? Please share your thoughts in the comments. Thank you for sharing!