The IRS has officially announced as of March 21, 2020, that the federal income tax filing due date has been extended from April 15, 2020 to July 15, 2020 due to the COVID-19 virus. You can view the official IRS news release here. And you can view the IRS news releases on the coronavirus efforts here.
April 15th has been cancelled! Well, not technically, the date will still exist, but it will not be the filing or payment deadline for individuals or subchapter-c corporations. Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and other non-corporate tax filers as well as those who pay self-employment tax. For more details, refer to the IRS Newsroom.
Earlier this week, Treasury Secretary Steven Mnuchin and President Trump fielded questions from the press regarding the current plans to stimulate the economy through government intervention. You can watch the recording here. It sounds like they are planning to bail-out the travel industry and cut checks to “hard-working Americans.” It is unclear who qualifies as such or what that plan will look like. Trump said, “we will have a pretty good idea by the end of the day what we will be doing.” Steven Mnuchin had a similar response of, “We will be laying out those details later today.”
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