CLEAR LAKE, Iowa - After being pushed back for a second year due to the pandemic, the deadline to file your federal taxes is Monday. And it's crunch time for many accountants as they work to process everyone's information and determine your refund.
Russell Mott has been preparing taxes for a little over four decades. His phones have been ringing virtually non-stop, as those who put off submitting their information are asking to see if there's any availability. Compared to last year, with the deadline being pushed to July, Mott and many other CPA's are feeling the crunch.
"I believe it gave the profession a chance to get things done, and get them done in a timely fashion. We've got the crunch this year...I think everyone's in the same position."
And he anticipates working some weekends into June in order to process everyone's taxes.
"In the last 15-20 days, I probably had 30-40 people show up on top of what I already had. If didn't have them showing up with what I had left to go, I probably wouldn't have been in too bad of shape."
The IRS charges penalties on unpaid taxes. That includes the failure to pay a penalty, on a monthly basis, until the tax owed is paid in full. While taxpayers have the option to file for an extension to get their returns in by October 15, they can still face penalties each month if a certain amount is not paid by Monday.
Minnesota and Iowa have different deadlines for state taxes; while Minnesota's are due on Monday, Iowa's deadline is June 1.