Tax Filing Deadline Will Not Extend Past July 15: IRS
While millions of American taxpayers are still waiting for the IRS to process their federal income tax return, the IRS says it won’t extend tax filing deadline for other taxpayers again beyond July 15.
IRS Commissioner Charles Rettig testifying Tuesday in a hearing before the Senate Finance Committee said that in order to assist taxpayers “we issued a notice that had a variety of payment related options that folks can look to.” He added, “we also temporarily adjusted our processes to help people and businesses during these uncertain times.”
The commissioner also insisted that Americans waiting to receive payments provided by the CARES ACT will do so but “there is more to do. The IRS remains focused on making sure every eligible American receives a payment.”
He said that “approximately 160 million economic impact payments have been distributed, totaling approximately $270 billion.”
The CARES ACT passed by congress to aid America during the economic impact of the coronavirus pandemic provides direct assistance for American workers and families, small businesses, and helps preserves jobs for American industries.
The ranking member of the committee Sen. Ron Wyden, of Oregon questioned the tax commissioner on the loss revenue from those wealthier Americans who do not file income taxes or pay their taxes.
Wyden said “New reports by the Treasury inspector general showed that over a three-year period, the IRS failed to audit, almost 900,000 wealthy taxpayers who skipped out on filing tax returns. Together, these wealthy taxpayers owed nearly $46 billion dollars in taxes.”
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