Tax-refund delays and stimulus-payment hiccups could spill into the upcoming tax season as the Internal Revenue Service continues to face challenges related to the coronavirus pandemic and as Congress considers yet another round of direct payments.
With the filing season upon us, a raft of brand new challenges await ahead of the April 15 deadline.
The coronavirus slowdown has hit the IRS and tax professionals,
The leaders of Congress’s main tax-writing committee are wondering if the Internal Revenue Service will be ready to handle next tax season as it’s still processing millions of pieces of correspondence that went unopened for months during the COVID-19 pandemic.
Several significant changes are probably in store for next tax season.
The Internal Revenue Service has released a draft version of the Form 1040 for tax year 2020 with several significant changes probably in store for next tax season.
IRS Commissioner Chuck Rettig expressed his appreciation to tax professionals Tuesday for their cooperation during the extended tax season that was prolonged by the novel coronavirus pandemic and pledged to deliver any future stimulus payments approved by Congress.
Even the extra time to file hasn’t been enough for some businesses struggling to pay the government as the pandemic threatens to worsen.
The tax deadline is coming Wednesday after tax season was extended by three months to give taxpayers and preparers more time to deal with the novel coronavirus pandemic, but many of them will be dealing with extensions and amended returns in the months ahead.
The service reminded taxpayers they will need to resume paying their taxes on July 15, but the AICPA is asking for further relief, as an inspector general report sheds light on the unprecedented filing season.