News sites reporting that Mnuchin has delayed tax deadline by 90 days -- UPDATE: It's official | |
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(OP) User ID: 78190493 United States 03/20/2020 05:29 PM Report Abusive Post Report Copyright Violation | I checked and no announcements yet, nor on White House site. Can't find video of Mnuchin saying it, either. Multiple news sites reporting. I'll amend thread title for now. Here's the official announcement on the Treasury Dept. website. Point of correction: The deadline is not delayed. Payments for any tax owed can be delayed until July without penalty. _____ Treasury and IRS Issue Guidance on Deferring Tax Payments Due to COVID-19 Outbreak March 18, 2020 Washington – Following President Donald J. Trump’s emergency declaration pursuant to the Stafford Act, the U.S. Treasury Department and Internal Revenue Service (IRS) today issued guidance allowing all individual and other non-corporate tax filers to defer up to $1 million of federal income tax (including self-employment tax) payments due on April 15, 2020, until July 15, 2020, without penalties or interest. The guidance also allows corporate taxpayers a similar deferment of up to $10 million of federal income tax payments that would be due on April 15, 2020, until July 15, 2020, without penalties or interest. This guidance does not change the April 15 filing deadline. “Americans should file their tax returns by April 15 because many will receive a refund. Those filing will be able to take advantage of their refunds sooner,” said Treasury Secretary Steven T. Mnuchin. “This deferment allows those who owe a payment to the IRS to defer the payment until July 15 without interest or penalties. Treasury and IRS are ensuring that hardworking Americans and businesses have additional liquidity for the next several months.” Today’s guidance will result in about $300 billion of additional liquidity in the economy in the near term. Treasury and IRS will issue additional guidance as needed and continue working with Congress, on a bipartisan basis, on legislation to provide further relief to the American people. READ MORE: [link to home.treasury.gov (secure)] Last Edited by Fist in the Box on 03/20/2020 05:34 PM |