Treasury Department, IRS will not extend Tax Day a second time
Uncle Sam has heard your requests for more time to file your taxes – and they have been denied. The Treasury Department and the IRS will stick with the July 15 deadline for 2019 income tax returns and taxes owed for that year, the agencies said. The announcement came less than a week after Treasury Secretary Steven Mnuchin said that pushing the deadline out further was "something we may consider." People who are unable to submit their paperwork in two weeks can get an extension to Oct. 15. However, this is only an extension to file – not an extension to pay. "The IRS urges people who owe taxes, even if they have a filing extension, to carefully review their situation and pay what they can by July 15 to avoid penalties and interest," the agencies said in a statement. Last year's returns and taxes aren't the only items due in two weeks. Quarterly filers must also pay taxes for the first two quarters of 2020 by July 15.
News of the IRS sticking to the deadline brought mixed reactions among tax professionals. Many of them are guiding small-business clients through the Paycheck Protection Program and contending with rapid-fire updates from Treasury and the IRS. On top of that, accountants are also contending with the coronavirus that is surging in several states, which means they're still not meeting clients and resuming business as usual. Many are dealing with the same issues plaguing remote workers today, including lack of childcare. "It's a bit disruptive ...
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