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AICPA Requests IRS Move All Tax Deadlines to June 15

Jennifer Finger
Posted by Jennifer Finger on Mar 19, 2021 10:16:28 AM

Wednesday, March 17 seemed like a lucky day when the IRS announced that it would extend the 2021 federal tax filing and payment deadlines to from April 15 to May 17, 2021.

But the IRS did not include estimated tax payments for the first quarter of 2021 in this decision.

The Association of International Certified Professional Accountants (AICPA) is petitioning Congress to ask the IRS to reschedule the federal payment and filing deadlines, including first and second quarter estimated payments for 2021, to June 15.

notes: “While we appreciate the IRS’ recognition that a filing deadline postponement is indeed necessary, the announcement is far too selective in who is receiving relief. In fact, the taxpayers who are most likely to benefit from this additional time are those who are able to meet the original filing deadline.

The IRS’ failure to include estimated payments in its decision hurts taxpayers because so much tax return work has to be done to calculate estimated payments. More than 9.5 million individual returns filed for the 2018 tax year included estimated payments. The IRS’ selective decision unfortunately creates more bureaucracy and confusion and is out of sync with the real-world stresses faced by taxpayers, tax practitioners and small businesses.

The benefits of extending the payment and filing deadline to June 15th for all taxpayers are many. Doing so would ease the impact of the pandemic on taxpayers – especially small businesses – and the tax practitioners who advise them.”

Unless and until the IRS acts on this request, estimated tax payments for the first quarter of 2021 are still due on April 15, 2021.

Topics: Tax Preparation


 

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