Tax Filing Extension Must Be Longer, Broader, Accountants Say (3)

The IRS’s recent decision to extend the tax-filing season for certain individuals creates headaches for the millions of people who are excluded, while bringing limited benefit to tax preparers, accountants say.

The IRS, in a news release Wednesday, said individual taxpayers could postpone paying and filing their federal income taxes until May 17—without penalties and interest. The original deadline was April 15. The extension was first reported by Bloomberg News and followed calls from lawmakers and trade groups—like the American Institute of CPAs—to push the deadline to give tax professionals and their clients more time to prepare returns, especially ...