It is anticipated that the Internal Revenue Service (“IRS”) will delay the April 15 tax-filing deadline until mid-May. This will give taxpayers additional time to file their 2020 tax returns and pay any amounts owed to the IRS.
The move from the IRS and Treasury Department comes after calls to extend the tax season increased following the passage of the $1.9 trillion American Rescue Plan, which meant the agency was tasked with sending another round of stimulus payments while processing tax returns and refunds.
The IRS and Treasury Department have yet to release official guidance. Once this guidance is released, each State will need to make a determination if they will follow the IRS’ extended deadline.
We will keep you informed as updates are made available to us.
We will issue additional Alerts as further guidance becomes available. During this crisis, your LMC professional is available if you have questions related to the latest updates on this topic.