January 21, 2011
January 21, 2011
The IRS has moved Tax Day from April 15th to April 18th for 2011. The move is due to a holiday celebrated in the District of Columbia known as Emancipation Day. Emancipation Day falls on April 16th (a Saturday) but will be observed on April 15th (a Friday). IRS rules prohibit a tax day from falling on a Saturday, Sunday or holiday. The year 2007 was the last time the IRS had to extend tax filing day.
The IRS estimates that as many as 9 million taxpayers will be impacted by this date change.
See story on CNN news here
In similar Tax Day news the IRS is increasing its warning about taxpayers who report from foreign accounts and about new tax preparer ID requirements.
” The IRS also cautioned taxpayers with foreign accounts to properly report income from these accounts and file the appropriate forms on time to avoid stiff penalties. “The IRS has made important strides at stopping tax avoidance using offshore accounts,” said IRS Commissioner Doug Shulman. “We continue to focus on offshore tax compliance and people with offshore accounts need to pay taxes on income from those accounts.” The IRS also reminded tax professionals preparing returns for a fee that this is the first year that they must have a Preparer Tax Identification Number (PTIN). Tax return preparers should register immediately using the new PTIN sign-up system available through www.IRS.gov/taxpros.”
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