President Trump announces he will instruct the Treasury Department to allow individuals and businesses negatively affected by the coronavirus to defer their tax payments beyond the April 15 filing deadline.
FILE - This July 24, 2018, file photo shows a portion of the 1040 U.S. Individual Income Tax Return form. The Trump administration is working on plans to delay the April 15 federal tax deadline for most individual taxpayers as well as small businesses. Treasury Secretary Steven Mnuchin told Congress on Wednesday, March 11, 2020, that the administration is “looking at providing relief to certain taxpayers and small businesses who will be able to get extensions on their taxes.
Treasury Secretary Steven Mnuchin told Congress earlier Wednesday that the payment delay would have the effect of putting more than $200 billion back into the economy that would otherwise go to paying taxes next month. He did not indicate what the new deadline would be. Mnuchin told a House Appropriations subcommittee that the administration could grant the tax delay without having to go to Congress for approval.
“The American people should not have to worry about filing IRS forms in the middle of a public health emergency,” the two senators wrote.
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