Survey: 37 Percent Do Not Have the Money to Pay 2019 Taxes, Despite Deadline Extension

By:
Chris Gaetano
Published Date:
Jun 26, 2020
Moving the tax deadline from April to July was only a temporary reprieve for many, as a recent survey has found that 61 percent of taxpayers are concerned that paying their 2019 taxes will put them in debt, including 37 percent who say they can't pay at all, said CPA Practice Advisor.

The survey, conducted by the firm TaxAudit, also found that 27 percent of those already on an IRS payment plan are concerned about about their ability to pay the next bill, and 49 percent are anxious about being contacted by the IRS regarding existing tax debt.

Of the small business owners  surveyed, 28 percent said they had to close their business or reduce their workforce, and 43 percent were behind on making payroll tax deposits (39 percent were unaware that there were fines for being late on payroll tax deposits).

In 2018, the IRS received about 140 million individual income tax returns. Tax delinquencies for that year numbered about 14 million, or roughly 10 percent. If truly 37 percent of people cannot pay their taxes this year, this would mean that the number of delinquencies this year would be more than triple 2018's figures (2019 delinquency data was not available and so 2018 data was used instead). 

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