July 15 is Tax Day. And the IRS isn’t pushing it back any further.
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The deadline to file your tax return this year really is July 15. Really.
Despite calls to extend the deadline another three months, the IRS says no — get your returns in two weeks from now or pay penalties if you owe taxes.
Marketplace’s Nova Safo has the details. The following is an edited transcript of his conversation with “Marketplace Morning Report” host David Brancaccio.
David Brancaccio: The IRS extended the usual April 15 deadline because of the pandemic. Who’s pushing for a new delay?
Nova Safo: For one, the union representing Treasury Department employees. The union has been expressing concerns over the health of IRS employees who are being called back into the office. And the union says since, in a normal year, people would be able to apply and get an extension until Oct. 15 to file their taxes, the IRS should just offer that date as an automatic extension for everyone.
But the IRS says no. There are some exceptions: Victims of severe weather in parts of the south this past April will have until Oct. 15 to file their returns and make payments.
Brancaccio: Can others also get that Oct. 15 extension if they want it?
Safo: Yes they can, David, but they do have to file for that extension, just like in any other year.
The catch is that if you think you’re going to owe taxes, you still have to pay that amount by July 15, or you’ll accrue penalties and interest. That’s the same as every other year.
Now the good news is the opposite is also true — if you are due a refund, the IRS will pay you interest on what you’re owed, calculated back to April 15.
So the way that works is if you choose to file your taxes on July 15, that’s three months of interest you’ll get from the IRS on the money you’re owed.
COVID-19 Economy FAQs
New COVID-19 cases and deaths in the U.S. are on the rise. How are Americans reacting?
Johns Hopkins University reports the seven-day average of new cases hit 68,767 on Sunday — a record — eclipsing the previous record hit in late July during the second, summer wave of infection. A funny thing is happening with consumers though: Even as COVID-19 cases rise, Americans don’t appear to be shying away from stepping indoors to shop or eat or exercise. Morning Consult asked consumers how comfortable they feel going out to eat, to the shopping mall or on a vacation. And their willingness has been rising. Surveys find consumers’ attitudes vary by age and income, and by political affiliation, said Chris Jackson, who heads up polling at Ipsos.
How many people are flying? Has traveled picked up?
Flying is starting to recover to levels the airline industry hasn’t seen in months. The Transportation Security Administration announced on Oct. 19 that it’s screened more than 1 million passengers on a single day — its highest number since March 17. The TSA also screened more than 6 million passengers last week, its highest weekly volume since the start of the COVID-19 pandemic. While travel is improving, the TSA announcement comes amid warnings that the U.S. is in the third wave of the coronavirus. There are now more than 8 million cases in the country, with more than 219,000 deaths.
How are Americans feeling about their finances?
Nearly half of all Americans would have trouble paying for an unexpected $250 bill and a third of Americans have less income than before the pandemic, according to the latest results of our Marketplace-Edison Poll. Also, 6 in 10 Americans think that race has at least some impact on an individual’s long-term financial situation, but Black respondents are much more likely to think that race has a big impact on a person’s long-term financial situation than white or Hispanic/Latinx respondents.
Find the rest of the poll results here, which cover how Americans have been faring financially about six months into the pandemic, race and equity within the workplace and some of the key issues Trump and Biden supporters are concerned about.
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