There is reportedly going to be an IRS delay for the tax deadline. The service is reportedly considering moving the deadline from its current deadline to May 15.
CNBC reported that the IRS plans to make a change. This will give people more time to file their taxes as a result. But so far, neither the IRS nor Treasury have commented on a potential move. They also haven’t given a reason for the delay or the moved deadline.
The New Tax Filing Deadline
What is the normal deadline? As most people know, April 15 meant taxes. The change would push the filing deadline back by a month. If you haven’t got your W-2 forms in order, this extension will give you even more time to file.
When is the new deadline? The reported new deadline is May 15. But peculiarly, that date is on a Saturday. So, taxpayers may have to the following Monday, May 17 to file.
But if you live in Texas, you have longer to file. The IRS extended tax season by several months in the state. For Texans, the date to file is June 15.
The reason behind the delay for the state was a series of devastating winter storms. Many went without power. And the Federal Emergency Management Agency declared the state to be a disaster area. The IRS gave people in the state more time to file as a result.
Reasons For IRS Delay
Why did the IRS delay the filing deadline? While the IRS hasn’t given a specific reason, many have urged for more time to file. The push to delay the tax filing deadline comes shortly after the recent passing of the American Rescue Plan.
The IRS had to split their efforts away from taxes to disperse stimulus checks to millions of Americans across the country. The service perhaps thought it needed more time to fully accomplish both tasks.
Additionally, the current tax season was already shorter than usual. The IRS pushed back the start of tax season from its usual January start to Feb. 12 of this year. At the time, the service kept its current April 15 filing deadline. But with another COVID-19 relief bill, the IRS decided to extend tax season to around its normal allotted time.
The reason for the delay to tax season was the December COVID-19 relief bill. That bill saw a second round of stimulus checks for $600. The IRS delayed tax season to focus their efforts on delivering those checks to Americans.