Lawmakers to IRS: 'Millions of stressed-out taxpayers, businesses and preparers would appreciate an

[UpInArms]

Source: Marketwatch

Calls to extend the federal income tax filing deadline are intensifying, fueled by the tax code tweaks in the newly-enacted $1.9 trillion stimulus bill.

“Millions of stressed-out taxpayers, businesses and preparers would appreciate an extension of the deadline to file their 2020 tax returns,” wrote more than 100 members of Congress in a letter to the Internal Revenue Service and the Treasury Department on Tuesday, less than a month ahead of the current deadline.

The letter’s signers mostly consisted of Democrats in the U.S. House of Representatives. But a handful of Republican members of the House signed on as well, suggesting growing support for giving taxpayers more time to file this year.

... snip ...

Rettig is scheduled to testify Thursday before the House of Representatives’ Ways and Means Oversight Subcommittee.

In all likelihood, he will be questioned about a possible extension at that time. Rep. Bill Pascrell, a Democrat from New Jersey, chairs the subcommittee. He was one of the lead authors on the latest extension request and signed onto the first request as well.

Read more: https://www.marketwatch.com/story/lawmakers-to-irs-millions-of-stressed-out-taxpayers-businesses-and-preparers-would-appreciate-an-extension-on-april-15-tax-deadline-11615920127?mod=mw_latestnews

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Full title:

Lawmakers to IRS: ‘Millions of stressed-out taxpayers, businesses and preparers would appreciate an extension’ on April 15 tax deadline

[RainCaster]

1. Many of us would appreciate it if the IRS would hurry up!

We filed weeks ago, the IRS can't tell us when we will get our return. Being unemployed, we could really use that money.

[Deminpenn]

7. Filed early last year to get a jump on

everyone else, refund came 8 months later.

[SWBTATTReg]

2. I hope that they do extend the deadline. It's been a time of tribulations and such in our household

this year, and it hasn't let up. For that matter, I think that it's been trying times for a heck of a lot of us. But, if we have to do taxes by the 4/15/21 deadline, I'll just file an extension, but I'd prefer not to. Get it all done, once and for all.

[Hoyt]

3. If you don't owe anything, take your time. If you do owe, file an extension and you'll only have to

pay interest on unpaid balance. Rate is pretty low. I think IRS charges you 0.5% of your unpaid taxes for each month you don’t pay, up to 25%. That's roughly $50 a month if you owe $10,000. Not a bad deal for a few months if things are tight. They also charge a low rate of interest.

The extension is good to October 15th and is usually automatic.

If you owe and have the money, but can't get around to filing by April 15th, pay what you think you might owe, and you won't be in too bad a shape when you finally get around to it by Oct 15.

[twodogsbarking]

4. Underpayment penalty?

Also?

[Hoyt]

5. That's the half percent per month.

[Jose Garcia]

6. "Lawmakers"

How about get off your ass and pass a law to extend the deadline instead of begging the executive branch to do it?

[VarryOn]

8. My wife and I are still trying to gather docs....

I'd take any extension I can get. Our accountant sent a 23 page questionnaire to file our return. It takes almost $10 in postage to mail the damn paperwork and documentation. (We use an accountant that's 2 hours away because we've used them for ,any, many years.)