White House weighs pushing tax deadline back to Sept. 15

[ETax847]

This article came out today on CNBC:

https://www.cnbc.com/2020/05/07/white-house-weighs-pushing-tax-deadline-back-to-sept-15.html

Think it is likely to happen?

 

[schirallicpa]

It's one thing if they put off payments until then.  But lets get the tax returns done.  I have enough people dragging their feet, and I have vacation scheduled in September......

 

[Edsel]

Yes.  The ridiculous has become the absurd.  The IRS is having to pay bonuses to people just to get them to come in to work.

And it's not like they're not going to be paid anyway for sitting at home and doing nothing.  At least they're not in the unemployment lines.

[ETax847]

I'm with you with clients dragging their feet and this headline is only going to make it worse.

[NECPA in NEBRASKA]

I just want most of them over. I can handle some extensions until October, but my son had to postpone his May wedding and now it's set for September. I will be too busy for people to show up with their stuff in late August. I'm not even sure yet, if some are still coming back to me.

[Lion EA]

If it's your own business, you set your own hours, closing date, criteria for accepting clients, etc. Why would it matter to you if a different preparer works until 15 July or 15 October or year-round or only until 15 April or doesn't open up until February each year or takes Fridays off or golfs every morning or anything else? You don't have to do any of those things. Or, you can do bookkeeping or sell insurance or sell securities or paint houses or vacation or babysit the grandkids or read or anything else to earn money &/or enjoy life. Even if you work for someone else, you can negotiate your needs or quit or find a different employer or go out on your own or retire. Keep Calm & Carry On in your own way!

[Abby Normal]

The way I look it is, it saves from having to do a lot of extensions. I wish the due date was changed to 10/15 (no need for extensions) and balances due had to be paid by 4/15 (or 5/15). This really wouldn't change my workload. The people who come in before 4/15 will still be the same people, especially if they normally get a refund. And the ones who show up in August or September will still show up in August or September.

But we won't have to spend time doing extensions, and we'll have until 10/15 + 3 years to amend for refunds.

[jasdlm]

I'm not feeling particularly whiny about it, but the only downside is that I don't feel that 'post tax season' relief/freedom that I usually feel.  Because I have work in the office, I still feel like I need to spend weekends/evenings preparing returns.

On another note, did anyone else get behind on returns that would usually be out of your office by 15 April as a result of providing countless hours of support/assistance to people applying for PPP/EIDL loans, self-employed unemployment, or just trying to run various cashflow scenarios, or am I the only slacker?

I hope everyone is doing well.

[jklcpa]

39 minutes ago, jasdlm said:

I'm not feeling particularly whiny about it, but the only downside is that I don't feel that 'post tax season' relief/freedom that I usually feel.  Because I have work in the office, I still feel like I need to spend weekends/evenings preparing returns.

On another note, did anyone else get behind on returns that would usually be out of your office by 15 April as a result of providing countless hours of support/assistance to people applying for PPP/EIDL loans, self-employed unemployment, or just trying to run various cashflow scenarios, or am I the only slacker?

I hope everyone is doing well.

^^  All of this!

[Lion EA]

Me, too. When the postponement was announced, I started getting an extra hour of sleep and not working on Sundays. (Can't sprint long distances.) But, then the calls started coming in for information, advice, financials, and help finding things I didn't prepare, such as their payroll reports. That led to me taking a LOT of webinars to get up to speed on these non-tax credits/loans/etc. And, that information continues to change, be clarified, get reinterpreted, revised, as well as we just don't know yet. I'm not quite where I usually am 15 April. Still a small stack that were in-house when I started taking webinars and answering non-tax questions, questions and education that I would've postponed until after tax season. But, in our current upside-down world, those non-tax issues became more time-sensitive than tax returns. Longer tax season, but thank goodness a later deadline, because I'm not caught up yet.

[joanmcq]

I only have one client that applied for a PPP loan.  So my answer is no, not really!

[Randall]

I'm wondering if the states and local jurisdictions will follow along this time.

 

[mcb39]

On 5/11/2020 at 12:23 PM, jklcpa said:

^^  All of this!

And then some!!!!