- The IRS announced that it will extend the tax filing period until July 15
- All taxpayers and companies will have this additional time to present and make payments without interest or fines
- This is the latest in a series of emergency measures to deal with the financial crisis caused by the coronavirus.
The Internal Tax Services known as the Internal Revenue Service (IRS) will change the term of presentation until July 15, three months after the normal deadline for US citizens to submit their returns.
This information was released this Friday through the Treasury Secretary, Steven Mnuchin, through his official Twitter account.
“In the direction of President Trump we are going to spend Tax Day from April 15 to July 15. All taxpayers and companies will have this additional time to present and make payments without interest or fines. ”
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.
– Steven Mnuchin (@ stevenmnuchin1) March 20, 2020
The move is the latest in a package of emergency measures to address the financial consequences they estimate the coronavirus pandemic will have.
Mnuchin followed up with a second tweet urging taxpayers who could expect to receive refunds this season to “file now to get their money.”
I encourage all taxpayers who may have tax refunds to file now to get your money.
– Steven Mnuchin (@ stevenmnuchin1) March 20, 2020
Mnuchin’s board is notable for the fact that as of March 6, the Internal Revenue Service had received 67.9 million individual tax returns and issued 52.7 million refunds.
The average refund check issued was $ 3,012 according to IRS data.
Many states have already extended their tax filing deadlines to multiple dates to give relief to people who have suffered the financial consequences of the coronavirus outbreak, which has closed businesses across the country and led to large layoffs.
The IRS measure will increase pressure on states to align all their deadlines for federal tax returns.
A proposal to move the federal filing deadline to July was included in the Senate economic stimulus bill against COVID-19 released Thursday night by Republican Majority Leader Mitch McConnell.
That proposed aid package could cost the state more than $ 1 trillion.
Earlier this week, the Treasury Department released guidance that would have pushed back the deadline for making tax payments only to July 15. That 90-day deferment on payments would have applied to income taxes due in 2019, plus first-quarter tax payments that would have been due on April 15.
But federal lawmakers and members of the tax preparation community had criticized the proposal to have different dates for filing tax returns and making payments.
The White House had no immediate comment on Mnuchin’s announcement.
Earlier in the week, Mnuchin said that individual and small business taxpayers could defer payments of up to $ 1 million and corporations can defer up to $ 10 million without incurring interest or penalties.
Filed Under: IRS Extends Term
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