IRS pushes tax deadline to May 15 from April 15
Tyler the treasury department does plan to extend the tax filing deadline by one month from April 15th to May 15th. This comes as the agency faced growing pressure from both democrats.
Republicans to give people a little more breathing room to file their taxes in the middle of a very complicated financial year.
Also, allow the agency some time to implement president Biden’s. American rescue plan sending out those stimulus checks giving out expanded child. Tax credits treating unemployment insurance a little bit differently. So, Americans will now have more time to file their taxes by the deadline.
now May 15th the treasury department separately. Also coming under fire from Ohio which is now suing the agency. Over some of the limitations around state taxation that come as part of the aid given to states.
In that rescue plan, their e are a number of states that have sent a letter to the treasury department. 21 states calling for them to reconsider some of the strings that come attached to that covert relief.
We’ll see where that one goes as well guys. So, what is explain to me one more time? Elon what the state’s beef is with the American rescue act specifically. Well as far as I can understand it.
I haven’t been able to read Ohio’s lawsuit. all the way through but what states are concerned about is that they. Were prevented from being able to cut state taxes. If they receive money from the coronavirus relief fund.
They are saying that’s overreached by the federal government and an unconstitutional intrusion into their powers. So, now they are filing suit or threatening to file suit against the treasury department. In order to prevent that from happening.