Taxes
U.S. Tax Day Arrives Late With IRS Behind on Millions of Returns
- Repeated changes in the law affected 2020 tax season
- Confusion set to continue with Biden pushing for tax increases
This article is for subscribers only.
Monday brings a close to what tax advisers have dubbed the “never-ending tax season,” with the IRS scrambling to cope with repeated changes in law that offered just a foretaste of the challenges to come -- with President Joe Biden pressing for a raft of higher levies and stepped-up audits.
Since the start of the pandemic, Congress authorized three rounds of stimulus checks, temporary expansions to tax credits and deductions, and repeated rule changes on the treatment of loans sent to small businesses. Special unemployment benefits were also distributed, with lawmakers later revising their tax treatment.