Taxes

IRS Reminds Americans Taxes Due July 15

For taxpayers who took advantage of the 90-day reprieve to file or pay taxes, the deadline is almost up.

The Internal Revenue Service (IRS) has issued a friendly reminder that taxes are due on Wednesday, July 15.

In response to the COVID-19 pandemic in March, Congress enacted a measure to provide taxpayers with more time to file, delay installment payments, and limit enforcement actions.

“Through the People First Initiative, we have endeavored to provide unprecedented relief to help those who owed federal taxes and allow them extra time,” said IRS Commissioner Chuck Rettig in a statement. “As we resume a phased-in approach to our normal operations, we are sympathetic to the many Americans still suffering COVID-related hardships and stand ready to continue offering help to those who need it.”

The IRS said as it continues to reopen across the country, taxpayers who were in payment agreements and skipped any since March 25 “should start paying again to avoid penalties and possible default on their agreements,” the agency said in a statement Thursday (July 9).

Taxpayers should be aware that the IRS didn’t place their payment agreement into default, but the balance remained and interest continued to accrue.

If a taxpayer can't meet the terms of their installment agreement due to a COVID-19 hardship, they can revise it on IRS.gov/paymentplan.

The IRS said taxpayers who have questions about their payments can call the customer service number provided on their notice. But wait times could be long, the agency said, as telephone lines remain extremely busy.

PYMNTS reported taxpayers who are due refunds can expect it will take an average of 21 calendar days to reach recipients.  The IRS has said it can take longer to receive a refund, “typically because the agency needs more time to process the return in case of errors or other problems.”

One way to speed paying is through electronic filing, the IRS says, but it’s still a long way from instant money or anything close to that. Tax firms now have an opportunity to reduce lag times and ease filing frustrations for customers, creating a better overall experience.

 

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