IRS Makes Major Change to Tax Deadline as Nation Prepares to Reopen
This could be a very, very big deal.
As we approach a hopeful end to this horrid coronavirus pandemic, all eyes are on the American economy and the speed at which she’ll be ramping back up. There is talk of a new “roaring twenties”, with the first iteration of such a phenomenon also arriving after a lengthy pandemic.
This time around, it will be the American consumer, many of whom have saved a great deal of many by avoiding time in public over the course of the last year, who will amplify the business world as they head back to restaurants and movie theaters and sports arenas.
Now, in what appears to be a move aimed at continuing this lightning recovery, the IRS is giving folks an extra month to deal with their tax burden.
The Internal Revenue Service plans to delay this year’s tax filing deadline by roughly a month, to mid-May.
Democratic Reps. Bill Pascrell of New Jersey and Richard Neal of Massachusetts, the chairman of the House Ways and Means Committee, said that the new deadline would be May 17. The IRS late Wednesday put out a statement confirming the date change.
An official familiar with the plans earlier told CNN the decision was made in order to allow filers more time to navigate tax situations complicated by the coronavirus pandemic.
There has been growing bipartisan support to extend the deadline. Lawmakers, led by Pascrell along with Democratic Rep. Jamie Raskin of Maryland and Republican Sen. Mike Crapo of Idaho, had urged the move, citing the pandemic.
During the pandemic itself, the tax deadline was moved even further, to the middle of the year.
The added time could allow for Americans to save up a little bit of padding to deal with their debt to Uncle Sam, at a time in which their overall fiscal health should also be taking a turn for the better.
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