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Delayed Tax Day for Three States

Posted by taxguru on March 12, 2021

While we are all waiting for IRS to announce a nation-wide extension of the filing deadline for 2020 tax returns, they have officially given a two month delay – until June 15 – to three States which had some nasty weather recently.

Victims of Texas winter storms get deadline extensions and other tax relief

IRS announces tax relief for Oklahoma severe winter storm victims

IRS announces tax relief for Louisiana severe winter storm victims

 

The insane two trillion dollar “stimulus” bill that was signed into law yesterday has some tax related items that will require modifications to the IRS’s computers, as well as to the software we practitioners use.  Trying to get all of that up to speed with an April 15 filing deadline will just make an already crazy Tax Season even more so.

While everyone will still have the option to file for their own extensions, until October 15, there is a big difference between that approach and IRS delaying the initial filing deadline.  If IRS doesn’t give us all extra time, we will have to do some tax calculations and submit payments for any expected taxes due by April 15. 

If IRS gives us the extra time like we had last year, those payments won’t be due until the new Tax Day, which will hopefully be July 15 for everyone.  It would also delay the deadline for some other tax return related events, such as when money could be deposited into an IRA account and be deducted on the 2020 returns.

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