As the world continues to deal with the spread of the coronavirus it has been announced that the U.S. filing date has been pushed back once again.
Treasury Secretary Steven Mnuchin announced the new tax date and said, “At Donald Trump’s direction, we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”
He continued, “I encourage all taxpayers who may have tax refunds to file now to get your money.”
Prior to the new given deadline, we previously reported that those who have significantly been impacted by the virus would not have to file by the April 15th deadline.
According to NBC News, Mnuchin announced that taxpayers would be able to delay paying up to $1 million in tax payments, while corporations would be able to defer payment on up to $10 million. He added that those individuals and corporations would not have to worry about interest or penalty payments during that period of time.
The delay in filing is reportedly an attempt to keep $300 billion in the economy while people try to deal with the unexpected financial burdens that the coronavirus has caused.
As we mentioned before, the House Democrats informed the IRS they were highly concerned that Americans may need more time to file their taxes because IRS officials and tax preparers may not be as available to assist due to the increasingly spreading coronavirus outbreak.
Roommates, what are your thoughts?
Source: https://www.nbcnews.com/politics/politics-news/tax-day-postponed-until-july-15-mnuchin-says-n1164811
TSR STAFF: Jade Ashley @Jade_Ashley94
