Tag Archives: Income Tax

news update, Tax Filing Deadlines

FILING DEADLINE FOR 2023 TAX RETURNS

Monday, April 15th, 2024 is Tax Filing Deadline for Most Taxpayers for 2023 Returns

April 15, 2024

Taxpayers Who Live In MA or ME Have Until April 17, 2024 to File Their Returns

The filing deadline for most taxpayers to submit 2023 individual tax returns, pay any taxes or file an extension is Monday, April 15, 2024. Because of the Patriots’ Day holiday on April 15 in Maine and Massachusetts and the Emancipation Day holiday on April 16 in the District of Columbia, taxpayers who live in Maine or Massachusetts have until April 17, 2024 to file their returns.

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income tax filing deadline moved to july 15

Additional time to file and make payments without interest or penalties

The income tax filing deadline is now July 15. Treasury Secretary Steven Mnuchin announced in a tweet that all taxpayers and businesses will have additional time to file income tax returns and make any payments, without facing interest on payments or penalties for late filing.

Taxpayers may delay filing and paying 2019 Federal income taxes that would have been due on April 15. The new due date is July 15, 2020. This delay applies to taxes due of up to $1 million. This relief applies to all taxpayers, including trusts and estates. Corporations may also delay paying taxes of up to $10 million. Many states, including Massachusetts, have announced that they will follow Federal relief guidelines.

On the MA DOR website, it says: “In the event the Internal Revenue Service (IRS) issues tax relief to taxpayers with federal filing obligations, DOR is prepared to follow the IRS in offering similar relief for taxpayers with Massachusetts tax filing obligations. “

The due date for Federal estimated tax payments that would have been due on April 15 for 2020 is also postponed to July 15.

These measures are being enacted to help Taxpayers navigate through the economic effects of COVID-19 (coronavirus). Individual Taxpayers and Businesses will be able to use the money they would have paid to the IRS to meet other needs during the economic crisis related to COVID-19 containment measures.

Income Tax Refunds, tax

Income Tax Refunds

Refunds May Be Delayed

Refunds may be delayed due to the partial government shutdown. Many IRS employees have been recalled, but some employees are claiming hardship exemptions. After not getting paid for a month, employees can actually not afford to go to work without pay, because they have no money to commute to work and pay for child care.

Hardship Exemptions

Under their union contract, IRS employees are allowed to miss work, if they suffer a hardship during a shutdown. The hardship exemption allows IRS employees not to have to use sick days to be absent from work.

File Returns Electronically with Direct Deposit of Refunds

With many employees claiming hardship and not working, the government’s ability to process refunds timely may be affected. We recommend filing returns electronically with direct deposit as a way to mitigate any possible delays.