Americans will be getting extra time to prepare their taxes. The Internal Revenue Service says it is delaying the traditional tax filing deadline from April 15 until May 17.
The IRS announced the decision yesterday and said it would provide further guidance in the coming days. The move provides more breathing room for taxpayers and the IRS alike to cope with changes brought on by the pandemic. The decision postpones when individual taxpayers must file their return and when their payment is due. The IRS said taxpayers who owe money would not face any further penalties or interest if they pay by May 17. The new deadline also applies to individuals who pay self-employment tax.
Taxpayers do not need to take any action to take advantage of the new deadline. Those who need more time beyond May 17 can request an extension until October 15.