Taxpayers can scratch one thing off their immediate to-do list – filing taxes. Tax Day is being pushed back until July while the nation copes with the effects of the coronavirus.
“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,” Treasury Secretary Steven Mnuchin said. “I encourage all taxpayers who may have tax refunds to file now to get your money.”
The announcement follows one earlier this week that individuals and businesses would be allowed to delay paying their 2019 tax bills for 90 days.
Mnuchin said then that individuals would be able to delay paying up to $1 million in tax payments, while corporations would be able to defer payment on up to $10 million. Individuals and corporations would not be subject to interest or penalty payments during that period of time, Mnuchin said.
The delay is part of an effort to keep $300 billion in the economy while people and companies deal with the unprecedented financial impact caused by the coronavirus.