In a global survey, it is noted that the extension of tax deadline during the COVID-19 crisis has led to less submission of tax returns during 2020. The US people are now allowed to pay their tax returns till July 15 which was earlier set for April 15, 2020. Due to this delay, less submission of tax returns has been noticed by the income tax departments of various states in the US.
Many financial experts have expressed that people should not delay their tax matters amidst the coronavirus pandemic. According to them, people should look for online sources in order to fulfill the tax requirements. It will lead to the generation of funds which is the most important thing during the COVID-19 phase.
As people are out of work during the lockdown period, they require money to survive and meet their essential needs. A lot of small businesses and individuals are now making use of online tax calculators to fill their taxes. The use of the TurboTax Tax Caster tax refund calculator is being made by people to fulfill their requirements during the COVID-19 phase.
At many places, less than one third tax submissions have been reported in the US. And all this is because of the lenient attitude of people due to the extension of the tax deadline. Earlier in the month of March, the IRS extended the national income tax filing day to July 15.
After the US President Donald Trump passed the orders for an extension, Treasury Secretary Steven Mnuchin revealed the move in order to cope with the situation of financial emergency arisen due to the coronavirus pandemic.