Tax Day Delay

Tax Day Delay

Issue 11

03.23.20 - Those within the U.S. have an additional three months to file their federal taxes, as the US Treasury secretary announced the postponement amid the coronavirus outbreak.

"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," Secretary Steven Mnuchin tweeted at the Presidents direction.

The Trump administration had previously iterated that they were deferring tax payments for 90 days but were leaving the filing period the same – April 15th. Now this deadline will be extended into the summer, but those who will be waiting on refunds are encouraged to file right away.

"I encourage all taxpayers who may have tax refunds to file now to get your money," Mnuchin stated.

Washington has been frantically searching for ways to dull the economic impact of COVID-19 as it continues to spread. Congress has spent the last few days bickering like children over a potential stimulus package to ease the consequences of the almost worldwide shutdown.

Under normal circumstances, both the filing and payment deadlines are due on April 15th. Taxpayers are still being allowed to request a six-month extension to file tax returns, same as any other year, but it is worth noting that the new deadlines announced by Secretary Mnuchin only apply to federal taxes, not state.  Many states are making changes to their own deadlines amid the crisis, however.

Source: Yahoo Finance