Over-extended: Tax pros look to October 15
It’s that time of year again. Again.
By the final filing deadline last year, the IRS reported about 14.6 million extension requests from taxpayers, many in the final spring days of that filing season — with the overall number of returns received and processed remaining roughly even with numbers from 2018.
This year is likely to be different for extensions to Oct. 15 in the same way 2020 has been different in every other way — not least because the initial deadline itself was pushed back to July 15, making “extension season” only three months long, and not six.
Yet it does seem that for preparers, this second season will have a few constants. “I know that I’ll be in better shape than last year, but it’ll still be a grind,” said Rob Seltzer, a CPA at Seltzer Business Management in Los Angeles.
How bad will the grind be? Below, a number of practitioners shared their concerns.