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Do you think Tax Season will be extended again?


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I think there is very little chance the season will be delayed and I feel there is zero chance the payment deadlines will be extended. If you haven't figured out how to operate safely in this environment after 10+ months, you probably shouldn't be in business anyway.

 

But I'm usually wrong so believe what you must.

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I'm very interested to know.  The virus is worse than ever, and we should be later than usual getting our appointments scheduled.  Especially for deadlines due on March 15th.  I have been vaccinated and will be immune (I'm told) by Feb 8th if successful.  I am not taking appointments before Feb 12th.  The IRS will be under pressure to collect $$ but their worst enemy in this regard is Congress itself.  What I foresee:  IRS does not want to enforce a deadline, assess penalties, and then go to the administrative hassle of having to waive penalties because so many clients (and preparers too) will be claiming the coronavirus was the reason for the delay.

CBSLee if you are listening, you generally have a drop on IRS information quicker than the rest of us, so you are encouraged to share...

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1 hour ago, Corduroy Frog said:

The virus is worse than ever

Especially for deadlines due on March 15th. 

The IRS will be under pressure to collect $$ but their worst enemy in this regard is Congress itself. 

What I foresee:  IRS does not want to enforce a deadline, assess penalties, and then go to the administrative hassle of having to waive penalties because so many clients (and preparers too) will be claiming the coronavirus was the reason for the delay.

All good points.   But I think the IRS will not want to make an announcement on extending the tax season until later in the year to spur as many as possible to get their returns e-filed.   My guess is somewhere around March 15th there will be some kind of action that allows for an extension of time to file/pay.

Tom
Modesto, CA 

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Bite your tongue!  Lol, please don't make us go through another never-ending season. 

Even though Covid is worse, we've all learned ways of dealing with it, so hopefully there's no need for a longer season.  I do suspect they will need to waive a lot of underpayment penalties, we'll see.

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I would not mind, otherwise I will have a ton of extensions. I will have to warn my clients again up front. Last year my sister had a brain tumor and my dad broke his hip. Yesterday my mom had a surgical procedure and they found that her bladder is full of tumor. She had been cancer free since 2012. We don't know why it came back. The doctor just told us that there are no good options, so we don't know yet how long we are looking at, but we want to keep her at home, if possible. It will be a struggle for us, but Covid has already messed everything up and we don't want her in a home where we are limited in the time that we can be with her. We can get in home medical care, but I want to spend as much time as possible with her. I am going to have to read up on trusts, because I will have to file for her when it becomes irrevocable. I have not prepared a trust return before, because I always farmed them out. My 26 year old son tested positive for Covid today is very sick. They just gave him codeine cough syrup and supplements. He said that he never expected to get this sick, but he can barely stand up. I hate that he's 500 miles away and we can't even drop off my husband's famous chicken noodle soup. I really hoped that 2021 would be better than 2020, but it's not looking great for my family again.

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NECPA you have a lot on your plate, and family definitely must come first. For them and for your own mental health. Your clients will understand, the ones worthy of being your clients. Tell them to expect extensions this year to accommodate your family needs. If the deadline's extended again and more returns are done "on time," they can be pleasantly surprised. And, don't stress over a trust return, yet. There are preparers here that can help you with that, or you can refer it to a preparer you know there. I had a couple clients die this month, so I'll be researching later this year, but you can bundle the estate & trust under certain circumstances. Does that mean you can chose a fiscal year for the bundle? That gives you more control over the timing. But preparers will help you when that time comes. For now, be with your mother. Be with your son, virtually. We got through 2020 together; we'll get through 2021 together. Prayers.

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12 hours ago, NECPA in NEBRASKA said:

I would not mind, otherwise I will have a ton of extensions. I will have to warn my clients again up front. Last year my sister had a brain tumor and my dad broke his hip. Yesterday my mom had a surgical procedure and they found that her bladder is full of tumor. She had been cancer free since 2012. We don't know why it came back. The doctor just told us that there are no good options, so we don't know yet how long we are looking at, but we want to keep her at home, if possible. It will be a struggle for us, but Covid has already messed everything up and we don't want her in a home where we are limited in the time that we can be with her. We can get in home medical care, but I want to spend as much time as possible with her. I am going to have to read up on trusts, because I will have to file for her when it becomes irrevocable. I have not prepared a trust return before, because I always farmed them out. My 26 year old son tested positive for Covid today is very sick. They just gave him codeine cough syrup and supplements. He said that he never expected to get this sick, but he can barely stand up. I hate that he's 500 miles away and we can't even drop off my husband's famous chicken noodle soup. I really hoped that 2021 would be better than 2020, but it's not looking great for my family again.

Prayers

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The OP asked about PAYMENT deadlines during this pandemic. I hope payments are extended without I&P, because so many people are making less money.

Personally, I hope the FILING deadlines are extended, also. E-filing doesn't open until 12 February, which is about the time I have to start preparing partnerships and S-corporation. That means I won't be preparing personal returns until after 15 March! I can't make a lot of money in one month, so I'll need to pause to e-file extensions. Last year's extension to 15 July worked great for my business model of working all year; I spent less time calculating extension payments and e-filing extensions. YOU can still close 15 April while I work all year. But, so far, the IRS is still saying the non-extended tax season will end 15 April.

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