05 Jan IRS Grants Taxpayers More Time To File In 2016
The Internal Revenue Service (IRS) has announced that most taxpayers will have additional time to file their federal income tax returns in 2016.
Traditionally, Tax Day is April 15 unless that date falls on a Saturday or a Sunday, in which case the due date for federal income tax returns gets pushed ahead to the next business day.
In some years, the District of Columbia observes Emancipation Day on the same day as Tax Day, which affects the nation’s tax filing deadline. In those cases, the deadline gets moved.
Emancipation Day — the anniversary of the day that former President Lincoln signed the Compensated Emancipation Act which freed over 3,000 slaves. Since the Act was signed about nine months before the famous Emancipation Proclamation, slaves who were liberated in D.C. are considered those “first freed” by the federal government. In 2005, Emancipation Day was made an official public holiday in D.C. D.C. holidays are treated just like federal holidays which means that tax deadlines get pushed ahead to the next business day, under Section 7503 of the Tax Code.
This year, Emancipation Day will fall on a Saturday in 2016. So Emancipation Day will get pushed back. By law, when April 16 falls during a weekend, Emancipation Day is observed on the nearest weekday – not necessarily the following weekday. That means, this year, Emancipation Day will be observed on Friday, April 15, on what would traditionally be Tax Day. Therefore, Tax Day, which fall will fall on a Friday, will get pushed ahead by statute to the next business day, which is Monday, April 18, 2016. So- you actually have a few extra days. BUT, we still recommend that you get everything in to us to prepare for the dealine, as early as possible.
Cheers to a good new year!