IRS pushes back the start of the 2020 tax filing season by a MONTH to prep for Covid relief act
THE IRS has pushed back the start of the 2020 tax filing season by a month to prepare for the Covid relief act.
The agency usually opens the tax season in late January, however is pushing it back for 2020.
However, the start of the tax filing season will instead take place on February 12.
“If filing season were opened without the correct programming in place, then there could be a delay in issuing refunds to taxpayers,” the IRS said an announcement on Friday.
“These changes ensure that eligible people will receive any remaining stimulus money as a recovery rebate credit when they file their return."
However, the IRS is suggesting that people submit their taxes as soon as they are ready.
The delay has been made so that the agency has time to prepare after a year of Covid relief.
In 2020, Americans received two rounds of stimulus checks to help stay afloat during the pandemic.
The first check amounted to $1,200 and the second, which Americans started receiving last month, was $600.
On Thursday evening, Biden revealed that he is intending to send a third $1,400 stimulus check to Americans.
Speaking from Wilmington, Delaware, Biden said there is "real pain overwhelming the real economy, one where people rely on paychecks, not their investments, to pay for their bills and their meals and their children's needs."
"It's not hard to see that we're in the middle of a once-in-several-generations economic crisis with a once-in-several-generations public health crisis," the president-elect said.
"We have to act, and we have to act now."
Fellow Democrat Chuck Schumer wrote in a letter to colleagues on Tuesday to prioritize passing additional stimulus checks.
Schumer wrote, according to Fox Business: "The job of Covid emergency relief is far from complete.
"Democrats wanted to do much more in the last bill and promised to do more, if given the opportunity, to increase direct payments to a total of $2,000 — we will get that done."
Source: Read Full Article