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Thank you for posting this. Two senior white house officials told Bloomberg that the IRS plans to extend the filing date to May 15. IRS website has yet to post it. Sure is nice to know ahead of time!
probably because they are so far behind on issuing returns for early filers, this gives them an excuse and some kind of positive to spin it... theyre bombarded with returns and stimulus, my return was accepted 5 weeks ago and still has no deposit date
I feel bad for people who filed early this year. They really got screwed on many levels.
I didn't have an option but to wait since I owe money, so this extension really helps.
You got that right. With this month extension I will be surprised if I get my over payment due to the forgiveness of 10.2K back much before Labor Day. Lucky I don't need it to eat or pay bills.
You ask for a short term payment plan or long term installment. Or you file for an extension until Oct.
They will charge interest and late penalties either way. But I did the math with current rates and it's not as bad as it sounds. It only came out to about $9 per month for every $1000 for paying 3 months late.
The most important thing is to file on time or file for an extension. Otherwise you will be charged with a "failure to file" fee and higher interest rates.
Here's an example I found online. It's an older article but it shows how they calculate things:
Quote:
Let's consider the case of someone who files their return on time, but owes $5,000 and pays the balance 110 days after the April 15 deadline. Well, by the daily interest calculation described earlier, this taxpayer would owe $45.21 in interest charges. And, since 110 days is more than three months but less than four, they would have to pay four months' worth of late payment penalties, or 2% of the balance (0.5% times four months). This translates to a late payment penalty of $100. So, interest and penalties add up to $145.21 in this case.
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