April 15 was coming up a bit too quickly for millions of Americans, but the Internal Revenue Service slowed the momentum, announcing Wednesday that the tax deadline would be delayed until May 17.
The IRS said it would provide further guidance in the coming days.
This is a win for U.S. citizens to further collect the necessary paperwork but also for the IRS, which has had to handle the stimulus checks, pandemic-spawned changes as well as the crush of filings.
“The IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances related to the pandemic, while also working on important tax administration responsibilities,” IRS Commissioner Chuck Rettig said in a statement.
With record job-loss numbers, one new aspect of the rescue plan recently passed by the Biden Administration also has served to complicate matters: The law waives federal income tax this year on the first $10,200 a taxpayer receives in jobless benefits.
The exemption applies to households making up to $150,000.
The IRS said taxpayers who owe money would not face any further penalties or interest if they pay by May 17, the date also applying to those who pay self-employment tax.
Americans who can’t meet the May 17 deadline can request an extension until Oct. 15.
There is one exception contained within the extension information.
The new guidelines do not apply to the states’ income tax deadlines, though they could also see changes.
So, check your state’s updated deadline to see whether April 15 still applies in your case.
Last year, states offered later deadlines and, last week, Maryland pushed its state income tax filing deadline to July 15, according to an announcement from Comptroller Peter Franchot.
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