Buffalo, NY (WBEN) Seems odd to be talking taxes in late June, but there's a possibility the federal income tax filing deadline could get extended again.
Last-minute filers had July 15th on their minds as the deadline but they may get yet another delay and more time to complete their return. As for the local experts we talk to? They say don't procrastinate.
Treasury Secretary Steven Mnuchin tells Bloomberg Invest Global 2020 virtual summit an extension is something he's considering.
"I have mixed feelings about it as I think other tax professionals do," says Dave Barrett of Freed Maxick. "It's starting to feel like the tax season that doesn't end. Returns and refunds are down some 12 percent vs. where they were last year at this time."
Barrett says some are trying to press on because come fall, business tax returns will need to be returned and filed, and that combined with personal returns could make things problematic. "A lot of work to do in a short period of time. Most of us are still working remotely, particularly in other parts of the country where the virus is raging, and while we can get it done it's not quite as efficient working remotely as it is in the office. It could become a work compression issue," notes Barrett.
Barrett says if you have a significant amount of tax due, go ahead and root for that extension.
Esther Gulyas of EGTax says the coronavirus has knocked everybody off their game, so an extension would not surprise her. "They're probably having a hard time getting people back to work," believes Gulyas.