Yup, Tax Day Deadline Officially Extended

As expected, the Internal Revenue Service has extended the typical April 15 tax filing and payment deadline to May 17. Due to the economic struggles many have faced amid the COVID-19 pandemic, "this continues to be a tough time for many people, and the IRS wants to continue to do everything possible to help taxpayers navigate the unusual circumstances," the agency's commissioner said in a statement, per the New York Times. No paperwork is needed; the deadline extension automatically applies. Last year, the deadline was pushed all the way back to July 15.

State returns are not affected by the IRS decision, so taxpayers should check with their individual state agencies to see if those deadlines have also been extended. Corporate, nonprofit, and partnership tax returns are also not impacted, the Wall Street Journal reports. And estimated tax payments due on April 15 remain due that day. Some people may want to file as quickly as possible anyway, however, if their 2020 income makes them eligible for a stimulus payment (or a bigger stimulus payment) they wouldn't have been eligible for based on their 2019 income. (The Journal has more questions and answers here.)