IRS Delays Tax Filing Deadline To July 15, Mnuchin Says


(Updated 10:46 a.m. ET, March 20, 2020)

Topline: Treasury Secretary Steven Mnuchin tweeted on Friday that the IRS will transfer the revenue tax submitting deadline from April 15 to July 15.

  • Mnuchin says the transfer—the most recent in a sequence of extraordinary coverage interventions aimed toward blunting the financial impression of the coronavirus outbreak—was directed by President Trump.
  • “At @realDonaldTrump ’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 tweeted.
  • He adopted the announcement by encouraging taxpayers who could also be entitled to refunds to file as quickly as potential: “I encourage all taxpayers who might have tax refunds to file now to get your cash,he wrote.
  • Earlier this week, Mnuchin mentioned that taxpayers would be capable of delay cost on their revenue taxes (as much as $1 million) for 90 days, although they’d nonetheless need to submit their tax returns by April 15.

Key background: The Senate’s $1 trillion financial reduction invoice contains a number of measures aimed toward tax reduction. In addition to pushing the submitting deadline again to July 15, the invoice would additionally prolong due date for estimated funds to October 15, 2020, and would deal with all estimated funds due by October 15, 2020, as “one installment due on such date,” eliminating the necessity to write separate checks for the skipped April and July estimated cost dates.



Source link Forbes.com

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