After delaying the start of the tax filing season, the IRS is planning to extend the deadline to pay your taxes by one month. The IRS has not decided on a date, but according to Bloomberg, it will either be May 15 or May 17. May 15 is a Saturday, and when the tax deadline falls on a weekend or holiday, the agency usually pushes the deadline to the following business day.
The IRS is behind in processing over seven million tax returns and is now tasked with sending out another round of stimulus checks to Americans. The IRS said it has already sent out about 90 million payments totaling $242 billion.
In addition to delays caused by the coronavirus pandemic, the IRS is also working on implementing changes to the tax law included in the recent $1.9 trillion COVID relief bill. Under the change, tax filers will be granted a tax exemption on up to $10,200 of jobless benefits.
That could lead to headaches for taxpayers, as they must wait for updated forms to be sent out. Those who are eligible for the exemption but have already filed their taxes are being encouraged to reach out to a tax advisor on how to proceed.
Photo: Getty Images