The Internal Revenue Service is considering extending the deadline for individuals to file their 2019 income tax returns beyond the traditional April 15 deadline, according to published reports, as a response to the growing number of people who have been diagnosed with the coronavirus and to give the agency more time to provide assistance to taxpayers and to process returns.
Officials within the federal government have been discussing this possibility for the past week or so, according to the report, and the idea has received further attention from Democrats on the House Ways and Means Committee, which sent a letter to Charles Rettig, the commissioner of the IRS, seeking an update about how the IRS is evaluating the impact of the virus on this year’s tax filing season.
“Specifically, we are concerned about the ability of the IRS to provide taxpayer assistance and process returns, as well as the ability of taxpayers, free tax preparation sites, and tax professionals to meet the filing deadline,” the Democrats wrote in their letter.
The IRS has the authority to extend the filing deadline by as much as six months beyond the traditional April 15 filing date. It also can waive penalties and late fees from being assessed on returns that are filed after the deadline.
Companies in the ARM industry are busiest during income tax season, relying on individuals receiving their income tax refunds to pay down their debts. An extension of the deadline or other changes to the process may throw off their business models and projections.
