Is April 15 Losing its Dreaded “Tax Day” Deadline Significance?
When is April 15 not really Tax Day? In 2017 – when taxpayer procrastinators can take advantage of a few extra days to submit their tax returns. According to Clayton & McKervey, an international certified public accounting and business advisory firm located in metro Detroit, the actual deadline to file 2016 federal tax returns with the IRS is Tuesday, April 18, instead of the traditional April 15 deadline.
“April 15 has been ingrained in the minds of many Americans as Tax Day, but a combination of calendar dates this year and the ease at which taxpayers can and do file for automatic extensions seems to have somewhat diminished the anxiety – and taxpayer urgency – that has previously been a mainstay of tax season,” Margaret Amsden, CPA and head of Clayton & McKervey’s tax practice, said.
The IRS has reported that the number of returns it has received and processed this year is down compared to last year’s pace. Part of the reason may be that April 15 falls on a Saturday this year, which would normally move the filing deadline to the following Monday, April 17. But because Emancipation Day – a legal holiday in the nation’s capital – is being observed on Monday, the deadline to file taxes has been bumped to Tuesday, April 18. Emancipation Day created a similar situation in 2016, making it two consecutive years that April 15 has not been the official tax deadline date.
If this year’s three-day reprieve still isn’t long enough for some, Amsden says taxpayers can use form 4868 – an Application for Automatic Extension of Time to File U.S. Individual Income Tax Return – to stretch their filing deadline by six months to October 16, 2017.